All deposits at Wakefield Co-operative Bank are insured in full.
FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. In all cases, the amounts in excess of FDIC coverage are insured without limit by the Depositors Insurance Fund. Use the FDIC's Electronic Deposit Insurance Estimator to learn how FDIC insurance rules and limits apply to your deposits.
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 and click on the FAQ link at the top of this page or call the DIF at 781-938-1984.
For further information regarding deposit insurance, please contact:
Division of Supervision and Consumer Protection
Attn: Deposit Insurance Outreach
550 17th Street, NW
Washington, DC 20429-9990
Depositors Insurance Fund
One Linscott Road
Woburn, MA 01801