At Middlesex Savings Bank, your deposits are insured in full.
There’s been a lot in the news lately about deposit insurance and bank safety. This question and answer section is to provide our customers with useful information about the safety and security of your funds at Middlesex Savings Bank.
Customers can be confident that Middlesex Savings Bank is in a strong financial position and is highly capitalized and profitable. The Bank’s annual report is available in any Middlesex Savings Bank branch.
All deposits at Middlesex Savings Bank are insured in full through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).
On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000. The standard maximum insurance amount of $100,000 had been temporarily raised to $250,000 until December 31, 2013. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.
FDIC deposit insurance is $250,000 per depositor. Additionally, depending on your accounts and their ownership status, the FDIC may provide additional insurance. Find out today how your accounts are insured using the FDIC Electronic Deposit Insurance Estimator, known as EDIE. To use this tool, visit www.fdic.gov/edie/.
All deposits in excess of FDIC insured amounts are insured by the DIF, without limit or exception. The DIF is a private, industry-sponsored insurance company, not affiliated with the Commonwealth of Massachusetts, the Federal Government or their agencies. For additional information on the DIF, visit www.difxs.com.
The deposits of Middlesex Savings Bank customers are backed by the Federal Deposit Insurance Corporation (FDIC) to the maximum extent allowed by law. Additionally, the Depositors Insurance Fund insures all deposit amounts above FDIC limits in full.
The combination of FDIC and DIF insurance provides Middlesex Savings Bank customers with full deposit insurance on all their deposit accounts.
Questions and Answers about Deposit Protection at Middlesex Savings Bank
The following Frequently Asked Questions section addresses many common questions about deposit insurance. If you need more information or to discuss your accounts, please visit any of our 31 branches or call our Information Center at 1-877-463-6287.
Q: Who insures deposits at Middlesex Savings Bank?
A: Deposits at Middlesex Savings Bank are insured by the FDIC, The Federal Deposit Insurance Corporation. FDIC is an agency of the federal government.
Q: What accounts are protected by the FDIC?
A: All types of deposit accounts are insured. This includes personal checking and savings accounts, certificates of deposit, business checking, money funds and savings accounts, and retirement certificates of deposit.
Q: How much insurance is provided by the FDIC?
A: FDIC deposit insurance is $250,000 per depositor. You may be eligible for additional coverage depending on the ownership status of your accounts. For a personalized estimate of your FDIC insurance coverage, please use the FDIC’s Electronic Deposit Insurance Estimator at www.fdic.gov/edie.
Q: Am I protected beyond the FDIC limits?
A: Yes. Along with other Massachusetts-chartered Savings Banks, Middlesex Savings Bank is a member of the Depositor’s Insurance Fund or DIF. All deposit amounts above the FDIC limits are fully insured by the DIF.
Q: What is the DIF?
A: The DIF is a private, industry-sponsored insurance company. The DIF is not backed by the federal government or the Commonwealth of Massachusetts.
Q: How financially strong is the DIF?
A: No depositor has ever lost any money in a bank insured by both the FDIC and the DIF. The DIF has over $300 million dollars in assets, plus an additional $100 million of reinsurance.
Q: What about my mutual funds and investment accounts?
A: Investment accounts are not insured. The FDIC and DIF only insure bank deposits.
Q: Is there anything I need to do to get deposit insurance?
A: No. All of your deposits at Middlesex Savings Bank are insured automatically.
Q: Where can I get more information about deposit insurance?
A: For more information on deposit insurance, please visit the FDIC and the DIF online at http://www.fdic.gov/ and http://www.difxs.com/.
