Citi Touts $250,000 FDIC Insurance

  • JJ Hornblass
  • November 3, 2008
  • 1

Citigroup is using the higher deposit insurance protection for marketing benefit.

In an email correspondence today, Citi made its customers “aware” of the greater FDIC deposit insurance. The note reads, in part:

Dear CUSTOMER,

As a valued Citibank client, we want to make you aware that FDIC deposit insurance has increased to at least $250,000 per depositor, per insured bank, through December 31, 2009. Deposit accounts covered by FDIC insurance include checking and savings accounts, money market deposit accounts and certificates of deposit (CDs).

There is no need for you to apply for FDIC insurance – coverage is automatic. You may qualify for more than $250,000 in coverage at an insured bank if you own deposit accounts in different ownership categories (single, joint, IRA’s and trusts).

Citigroup is based in New York. The higher FDIC insurance ceiling went into effect on Oct. 3.

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JJ started the first iteration of Bank Innovation back in 2007, and has been working on it ever since. He also serves as President & Chief Executive Officer of Royal Media, Bank Innovation’s parent. He founded Royal in 1995 and oversees all aspects of the New York-based diversified media company. Prior to forming Royal, JJ was on the editorial staff of American Banker, the daily newspaper, and worked as an editor of a business magazine in Hong Kong. As a reporter and editor, he has won journalism awards from the National Press Foundation, Newsletter & Electronic Publishers Foundation, and the Reader’s Digest Foundation. He has a BS in Economics from Yeshiva University and a Master’s from the Columbia University Graduate School of Journalism. He was also a Fellow at the University of Wisconsin-Madison Graduate School of Banking. He lives in New York City with his wife, two daughters, and son. He counts among his accomplishments one New York City Marathon, two New York City Triathlons and the 2010 Father’s Day 5K, the first race he ever ran with his daughters. He can be reached at hornblass@gmail.com or 212-564-8972.

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One thought on “Citi Touts $250,000 FDIC Insurance

  1. True, but it is interesting that Citi, one of the largest, and presumably safest, banks in the nation is touting the $250,000 insurance. That’s why I highlighted it.

    I can’t see the FDIC repealing it, unless the government caves to the banking lobby. But that too I see as doubtful if Obama wins the election.

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