As a depositor of The Provident Bank, all your deposits and accrued interest are insured in full without limit or exception.
Beginning January 1, 2013, all of a depositor’s accounts, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
Regardless of what the FDIC limit is, the combination of FDIC insurance and DIF insurance means that your deposits are insured in full.
- All types and classes of deposit accounts are covered including: savings accounts, checking and NOW accounts, certificates of deposit (CDs), and bank money market accounts. Even IRA and SEP deposit accounts are fully protected.
- There are no forms, applications or special title requirements. You automatically receive this added insurance benefit when you hold deposits at The Provident Bank.
- The FDIC is backed by the full faith and credit of the U.S. Treasury. DIF is a private, industry-sponsored organization with over $270 million in assets and $100 million in reinsurance. It is not backed by federal, state or local governments.
- Massachusetts law and DIF’s internal investment policies restrict the Fund to investments suitable for an organization that insures the public’s deposits, primarily US Treasury and Agency obligations. These investments are regularly reviewed by the Board of Directors to assure conformity both with the law and the Fund’s internal investment policies. The DIF is examined regularly by the Massachusetts Commissioner of Banks and audited annually by an independent auditor.
- No depositor has ever lost a penny in a bank insured by both the FDIC and DIF. The FDIC has always paid all deposits and accrued interest up to its insurance limits. DIF has always paid all deposits and accrued interest in excess of the FDIC’s limit.
For additional information, including a copy of the Depositor’s Insurance Fund’s annual report, you may contact DIF at:
800-295-3500 or 781-938-1984
Depositor’s Insurance Fund
One Linscott Road
Woburn, MA 01801-2000
At The Provident Bank, all your deposits and accrued interest are insured in full without limit or exception.