American Express merger impacts CD holders

How much you hold and your date of purchase affect FDIC insurance.

Questions?

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