Many people are very interested in how they can structure their bank accounts to protect more than $250,000 under the FDIC coverage.
Did you know there are ways to get FDIC coverage for your accounts above $250,000? There is quite a bit of misunderstanding and confusion out there about the best way to get that done.
The most important thing to know is that at Canton Co-operative Bank, all of your accounts are 100% insured – first by the FDIC to $250,000 and then by the DIF above that amount.
The DIF is the Depositors Insurance Fund, which covers member banks in Massachusetts. And (as it says on the DIF web site), “No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.”
Here’s the bottom line: Not every bank in Massachusetts is a member of the DIF but Canton Co-operative Bank is. So, your deposits here are already insured in full without limit.
If you have questions or concerns about how your deposits are covered by the FDIC and the DIF, we’re always happy to go over everything with you. Come see us or call 781-828-8811 x5.