On April 1, 2018, American Express FSB merged with American Express Centurion Bank to become American Express National Bank, with the FDIC number of 27471 (formerly the number of American Express Centurion Bank).
The Fidelity New Issue CD page will list new issue brokered CDs as Amex NB foa Amex Centurion Bk, and the secondary market will display the bank’s CDs under American Express National Bank.
The FDIC will separately insure all holdings purchased before April 1, which means:
- If, before April 1, you owned $250,000 of American Express Centurion Bank and $250,000 of American Express FSB, the FDIC will separately insure each of those holdings until maturity
- If you own more than $250,000 in a combination of the 2 former bank CDs but purchase additional American Express CDs after April 1, in either the primary or secondary markets, the FDIC will not separately insure those holdings
Bank name
FDIC certification number | FDIC name prior to 4/1/2018 | New issue display on Fidelity.com after 4/1/2018 | Secondary display on Fidelity.com after 4/1/2018 |
---|---|---|---|
35328 | American Express FSB | American Express National Bank | |
27471 | American Express Centurion Bank | Amex NB foa Amex Centurion Bank | American Express National Bank |
FDIC coverage examples
Pre-merger – 04/01/2018
Example 1 | Example 2 | Example 3 | |
---|---|---|---|
Outstanding AmEx FSB | $250,000 | $125,000 | $150,000 |
Outstanding AmEx CB | $250,000 | $125,000 | $50,000 |
Fully insured AmEx NB holdings | $500,000 | $250,000 | $200,000 |
Additional AmEx NB holder can purchase | $0 | $0 | $50,000 |
Post-merger
Position | Maturing | Revised position | Maturing | Revised position | |
---|---|---|---|---|---|
Outstanding AmEx FSB | $250,000 | −$25,000 | $225,000 | −$75,000 | $150,000 |
Outstanding AmEx CB | $250,000 | −$100,000 | $150,000 | −$100,000 | $50,000 |
Fully insured AmEx NB holdings | $500,000 | −$125,000 | $375,000 | $200,000 | |
Additional AmEx NB holder can purchase | $0 | $0 | $50,000 |