When you deposit your hard-earned money at Winchester Savings Bank, you get the peace of mind that comes with knowing that the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF) insure your entire balance in full.
As you probably know, FDIC deposit insurance has been temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013. Additionally, the first $250,000 for all of your traditional and Roth IRAs is also insured by the FDIC. On January 1, 2014, the standard insurance amount is expected to return to $100,000 per depositor for all account categories except retirement accounts, including IRAs. Since Winchester Savings Bank is a Massachusetts state chartered bank, all deposits above the FDIC limit are insured in full by the Depositors Insurance Fund.
Winchester Savings Bank is also participating in the FDIC's Transaction Account Guarantee Program. Under this program, through June 30, 2010, all non-interest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage already available under the FDIC's general deposit insurance rules, which apply to both interest-bearing and non-interest bearing accounts.
The FDIC was established by the U.S. Congress in 1933 with a mission to insure bank deposits. The DIF was established by the Massachusetts legislature in 1932 and started insuring deposits in 1934. Today, the DIF is a private insurer covering over $2.7 billion of depositors' funds in excess of the FDIC limit, in over 60 Massachusetts chartered savings banks.
Electronic Deposit Insurance Estimator (FDIC) Depositors Insurance Fund
Frequently Asked Questions
Do all banks offer FDIC and DIF insurance coverage?
No. While there are other insuring entities, only Massachusetts chartered savings banks offer the additional protection of DIF insurance.
Has any depositor ever lost money in an FDIC/DIF bank?
No. The FDIC has always paid deposits in full up to its insurance limit. The DIF has always paid all deposits in excess of the FDIC's limit. No depositor has ever lost a penny in an FDIC/DIF member bank since either fund was established.
Does the FDIC or the DIF insure investments in bank mutual funds?
No. Both FDIC and DIF insurance only cover deposits, and do not extend to bank mutual fund investments.
For additional information, please call FDIC at (781) 794-5500 or DIF at (781) 938-1984.
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