Massachusetts is the only state that offers insurance coverage beyond the FDIC amounts. Deposits at Massachusetts DIF member banks are insured in full without limit by the DIF – the Depositors Insurance Fund.
The DIF was established by the Massachusetts legislature in 1932 and started insuring deposits in 1934. The DIF actually served as a model for the FDIC when the federal government wanted to establish a nationwide deposit insurance program.
DIF deposit insurance is available exclusively to customers of Massachusetts-chartered banks that are members of the DIF. Right now, there are approximately 70 Massachusetts banks that offer DIF insurance above the FDIC limits. (The full list is available on the DIF web site.)
Canton Co-operative is a member of the DIF and customers with savings accounts, checking accounts, money market accounts and certificates of deposit here are insured in full without limit by both the FDIC and the DIF.
Sometimes people ask if it’s possible to get more than $250,000 of FDIC insurance. It’s something to definitely speak to your bank about.
At a DIF member bank, you are already covered to 100%. At Canton Co-operative Bank, your deposits are insured in full without limit by the FDIC and DIF.
As both the FDIC and DIF point out on their web sites, since they were founded in the early 1930s, no one has lost a penny of their FDIC-insured or DIF-insured deposits.
Massachusetts deserves to be proud of the forward-thinking people who understood the need for deposit insurance nearly 100 years ago. DIF member bank customers are still benefitting today from the establishment of the Depositors Insurance Fund.