Deposit Account Insurance Information

Your deposits at Winchester Co-operative Bank are insured in full with the combined coverage of the FDIC and the Depositors Insurance Fund (DIF). A summary of coverage for these funds is provided below.

FDIC

The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U. S. financial system by insuring deposits in member banks and thrift institutions. Winchester Co-operative Bank is a member of the FDIC. FDIC insurance covers deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit up to the standard insurance amount which is $250,000 per depositor, per insured bank, for each account ownership category.

The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met. (For details on the requirements, go to FDIC Deposits)

Depositors Insurance Fund (DIF)

NOTICE TO DEPOSITORS REGARDING CHANGE IN DEPOSIT INSURANCE COVERAGE FROM THE SHARE INSURANCE FUND TO THE DEPOSITORS INSURANCE FUND

Effective March 17, 2020, The Co-operative Central Bank (CCB) and its Share Insurance Fund (SIF) were merged into the Depositors Insurance Fund (DIF). As a result of this merger, all co-operative banks will now become members of the DIF. The deposit insurance coverage for amounts above the FDIC limit shall now be provided by the DIF.
Importantly, this merger does not change the amount of deposit insurance coverage provided to depositors of co-operative banks. All deposits in co-operative banks continue to be insured in full. Each depositor is insured to at least $250,000 by the FDIC. Effective March 17, 2020, all deposits above the FDIC limit will now be insured by the DIF. This merger will benefit depositors by creating a deposit insurance fund with greater resources to protect deposits in member banks.
Like the CCB, the DIF has a long history of protecting deposits in member Massachusetts chartered banks. Since 1934, when the CCB and DIF insurance funds were created, no depositor has lost a cent in a member bank. To learn more about the DIF’s history, operations, and deposit insurance coverage, please visit the DIF’s website at www.difxs.com and click on the FAQ link at the top of this page or call the DIF at 781-938-1984.

Please talk to any of our Deposit Specialists if you have questions regarding insurance of your deposits accounts, or call us at 781-729-3620.