- Members 1st will not respond via public Internet email to requests-for-account-information or account activity. Please contact Customer Service with these types of.
- Ally Bank is a member of the Federal Deposit Insurance Corporation (FDIC). The FDIC protects your Ally Bank deposits up to $250,000 per depositor for each qualifying account ownership category. This means you can rest assured that your deposits are safe up to FDIC limits, no matter what’s happening in the economy.
- TCF Bank has been a member of the Federal Deposit Insurance Corporation (FDIC) since 1936, membership number 28330. Since we are a member, your deposits are.
How FDIC Insurance Works (And What's Not Covered)
The short title “Member of FDIC” or “Member FDIC,” or a reproduction of the symbol of the Corporation (as described in § 328.1(b)), may be used by insured depository institutions at their option as the official advertising statement. (2) Size and print. The official advertising statement shall be of such size and print to be clearly. DIF is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at our member banks. DIF has been insuring deposits since 1934 and like the FDIC, no depositor has ever lost a single penny of insured funds. All DIF member banks are also members of the FDIC.
How your Deposits are Insured?
Thanks to a combination of deposit insurance safeguards, each depositor at Salem Five Cents Savings Bank, whether using a physical branch office, salemfive.com or salemfivedirect.com, is fully insured, regardless of the number of accounts or the total funds on deposit.
It works like this: The Federal Deposit Insurance Corporation (FDIC) now insures each depositor, for each ownership category, up to $250,000.
Deposits at Salem Five in excess of the standard insurance amounts provided by the FDIC are covered by the Depositors Insurance Fund (DIF). The DIF is a private, industry-sponsored insurance fund that insures all deposits above FDIC limits at Massachusetts-chartered savings banks. The DIF was established by the Massachusetts legislature in 1932 and has been insuring deposits since 1934. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.
The result? Your deposits at Salem Five are completely protected – without limitation.
To learn more about the Federal Deposit Insurance Corporation or understand if your specific accounts are covered, use the FDIC Electronic Deposit Insurance Estimator tool (EDIE) at www.fdic.gov/edie/
FDIC/DIF FAQs
- I've noticed that my bank displays the FDIC and DIF symbols. What does Member FDIC/Member DIF mean?
Salem Five is a member of both organizations that insure depositors' funds against loss. The first $250,000 per depositor is insured by the FDIC.
- 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.
- Are all my deposits at Salem Five insured in full?
Yes. All types of deposit accounts are covered, including savings, checking, and NOW accounts; money market accounts; certificates of deposit; IRAs and Keoghs; and all other deposit accounts held with Massachusetts-chartered savings banks.
- Has any depositor ever lost money in a Member FDIC/Member 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.
- How financially strong are the FDIC and the DIF?
The FDIC is backed by the full faith and credit of the U.S. Treasury. While the DIF is not backed by federal, state, or local governments, the Fund is very strong and has extensive recourses. The banking crisis of the late 1980s serves as a poignant example of the DIF's financial strength. In this period, 18 DIF member banks failed. These banks contained funds from over 6,300 excess depositors. Their excess deposits totaled $250 million. Each and every depositor was paid in full. This was the worst period in the history of the Massachusetts thrift industry, yet the Fund has more money today than it did at the start of the crisis.
- Is the DIF subject to any form of regulatory scrutiny?
Yes. The DIF's financial records are examined regularly by the Massachusetts Commissioner of Banks, and audited annually by an independent auditor.
- If a Member FDIC/Member DIF bank ever got into financial trouble, how would I get my money?
Based on past experience, arrangements would be made for all deposits to be automatically transferred to another bank. All your deposit funds would be available with no interruption of service.
- I'd like to buy a CD for $325,000. Is it fully insured if I place it in one account, or will I need to open two accounts in different names?
You can buy a single CD for the entire amount. At a Member FDIC/Member DIF member bank, your deposits are fully insured, even if they exceed $250,000.
- Where can I learn more about the FDIC and DIF?
Visit the FDIC and DIF websites where you can access additional information.
The FDIC insures all deposits.
Member Fdic
Member Fdic Vs Fdic Insured
Watch the video to learn more about how the FDIC insures all deposits, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.