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You Can Sleep Like a Baby! | OneUnited Bank
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You can feel confident that your FDIC insured deposits are safe and secure at OneUnited Bank. You can sleep like a baby at night.
As the nation’s largest Black owned bank, OneUnited Bank is FDIC insured. We’re a full-service bank, not just a digital platform, with branch offices in Boston, Miami, and Los Angeles. We’re also well-capitalized by regulatory standards, with a focus on closing the racial wealth gap by serving everyday customers and our community. So, you don’t need to worry about your deposit.
Here are some questions and answers that we hope are helpful:
- Q.What types of bank deposits are protected?
- A.Checking accounts, NOW accounts, savings accounts, money market deposit accounts, certificates of deposit (CDs), and bank-issued cashier’s checks and money orders. You are insured for up to $250,000 when adding up your accounts at one bank. If you have a joint account, you each get $250,000 in coverage, for a potential total of $500,000 in a single joint account. You are also separately insured up to $250,000 at each bank you use. You can calculate your FDIC insurance using a tool on the FDIC’s website called EDIE by clicking HERE.
- Q.How can I confirm my bank has FDIC protection?
- A.Check the FDIC’s BankFind website by clicking HERE which permits you to search by bank name, such as OneUnited Bank, or by website, such as www.oneunited.com.
- Q.Why did SVB and Signature Bank fail?
- A.SVB and Signature Bank were unusual banks. SVB had an average deposit balance in each account of over $4 million and only 12% of their deposits were FDIC insured. SVB catered to technology start-up businesses and venture capital companies, or VCs. When large depositors lost confidence in the bank and suddenly withdrew their deposits ($42 billion in one day), it created a “bank run.” At some point, the bank ran out of cash needed to continue paying out withdrawals. At that point, SVB failed. Signature Bank, on the other hand, catered to the cryptocurrency industry, which is also risky. Citing systemic risks by their regulators, they were also closed.
- Q.How is OneUnited Bank different than SVB and Signature Bank?
- A.OneUnited Bank has an entirely different business model than SVB or Signature Bank. OneUnited Bank serves minority communities with a focus on consumers and businesses-unlike SVB, which served high tech start-ups, or Signature Bank, which served the crypto industry. OneUnited Bank is diversified in terms of our funding, unlike SVB and Signature Bank, which had substantial deposits concentrated in large venture capital entities and crypto deposits. OneUnited Bank does not have a lot of uninsured deposits or any exposure to crypto or deposits from the venture capital industry-unlike SVB and Signature Bank. OneUnited Bank focuses on well collateralized loans and is not exposed to more risky loans or investments. OneUnited Bank is well capitalized, secure, and has substantial liquidity.
If you have any additional questions, you can visit our website for frequently asked questions at www.oneunited.com/FAQs.
Yes, you can sleep well at night knowing your deposits are safe and secure at OneUnited Bank.
The post You Can Sleep Like a Baby! first appeared on OneUnited Bank.
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