Online Banking
Bank News
Important disclosures regarding the new FDIC insurance rules
Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts
All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
FDIC Insurance Coverage Increased to $250,000
Federal Deposit Insurance Corporation (FDIC) deposit insurance has permanently increased to $250,000 per depositor. All deposits over and above this amount are covered by the Share Insurance Fund (SIF), established by the legislature in 1934 to protect deposits in Massachusetts-chartered co-operative banks. There are no maximum account limitations or amount limitations.
Please visit the following websites for additional information:
www.fdic.gov/deposit (FDIC)
www.coopcentralbank.com (SIF)
www.myFDICinsurance.gov (FDIC coverage calculator)