Dear Louis Proyect,
You may already know that Orion Bank was recently closed by its
primary banking regulator. I'm writing about this bank's
certificate of deposit (CD) held in your Schwab account noted
above. Your Orion Bank CD is covered by FDIC insurance. Currently,
the basic insurance amount is $250,000 per depositor per insured
bank.(1)
There's no need for you to take any action at this point. The FDIC
will determine how much each depositor is eligible to receive, and
will transfer the funds to Schwab. If the FDIC needs additional
information, we'll contact you. Once we receive the funds, we'll
credit your account as quickly as possible. For more information,
you can refer to the FDIC website at www.fdic.gov.
We're here to help. If you have any concerns or questions, please
call one of the numbers listed above. If you work with an
independent investment advisor, please call him or her directly,
or call Schwab Signature Alliance at 1-800-515-2157.
Sincerely,
William Bondi
Vice President, Charles Schwab
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