Are deposit accounts at OnBank insured separately from deposit accounts at M&T Bank, N.A. under FDIC rules?
No. OnBank is part of M&T Bank, N.A. and is not a separate entity for purposes of FDIC insurance. All deposit accounts offered by M&T Bank, N.A. are covered by FDIC insurance up to the maximum applicable limits. Deposit accounts opened through the OnBank division are aggregated with all other deposit accounts at M&T Bank, N.A. for purposes of determining the amount of FDIC insurance coverage available to each depositor. More information on FDIC insurance is available on the FDIC website (www.fdic.gov/).
