Yes — deposit accounts at RMO Bank are insured by the Federal Deposit Insurance Corporation (FDIC), an independent agency of the U.S. government. FDIC insurance protects your deposits if an insured bank fails, and it is backed by the full faith and credit of the United States.
How much is covered: the standard FDIC insurance limit is $250,000 per depositor, per insured bank, per ownership category. Because ownership categories are insured separately, a household can be covered well above $250,000.
Common ownership categories include single accounts, joint accounts, certain retirement accounts, and revocable trust accounts — each insured separately.
What FDIC insurance covers at RMO Bank:
- Checking accounts
- Savings accounts
- Money market deposit accounts
- Certificates of deposit (CDs)
What is NOT FDIC-insured: investment products (including RMO 401(k) and other RMO Investments offerings), and insurance and protection plans. These are not deposits — they are not FDIC-insured, not bank-guaranteed, and may lose value.
Check or maximize your coverage: the FDIC's Electronic Deposit Insurance Estimator (EDIE) at fdic.gov shows your coverage; spreading balances across ownership categories can increase it. A representative at an RMO Retail Center can also help.
Note that RMO is a parent brand made up of separate subsidiaries. FDIC deposit insurance applies specifically to deposit accounts held at RMO Bank.