| Category: | Insurance agency, |
|---|---|
| Address: | 1 Linscott Rd, Woburn, MA 01801, USA |
| Postal code: | 01801 |
| Phone: | (781) 938-1984 |
| Website: | https://www.difxs.com/ |
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The primary purposes of the Deposit Insurance Fund (DIF) are: (1) to insure the deposits and protect the depositors of insured banks and (2) to resolve failed banks. While the DIF is backed by the full faith and credit of the United States government, it has two sources of funds: assessments (insurance premiums) on FDIC-insured institutions and ...
The DIF is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at our member banks. The DIF has been insuring deposits since 1934. All DIF member banks are also members of the FDIC. Each depositor is insured by the FDIC to at least $250,000.
The Massachusetts Depositors Insurance Fund is a deposit insurance scheme that protects depositors at Massachusetts savings banks.It was created in 1934 by the state government of Massachusetts in response to the large number of Massachusetts bank failures during the Great Depression of the 1930s. This fund was the inspiration for the formation of the Federal Deposit Insurance Corporation (FDIC).
Deposit Insurance Fund - DIF: A fund that is devoted to insuring the deposits of individuals by the Federal Deposit Insurance Corporation (FDIC). The Deposit Insurance Fund (DIF) is set aside to ...
The Depositors Insurance Fund was one of the first precursors to the FDIC. It was established in 1932 to protect depositors in Massachusetts in the event of a bank run. Today, DIF is a type of deposit insurance that protects balances above $250,000. Understanding how the Depositors Insurance Fund (DIF) works can be valuable if you're facing a ...
Rollstone Bank & Trust is a member of the FDIC and the DIF, giving you 100% insurance on your deposits. DIF coverage picks up where FDIC insurance leaves off. The FDIC traditionally covers to at least $250,000, and DIF insures every dollar over that, up to your full balance. There are no residency requirements to get the DIF coverage, and you ...
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 are now insured by the DIF. This merger will benefit depositors by creating a deposit insurance fund with greater resources to protect deposits in member banks.
The Depositors Insurance Fund (DIF) is a lesser-known, less-widespread scheme that provides supplemental protection for funds deposited with Massachusetts-chartered savings banks. Savings banks primarily accept savings deposits and use those funds to issue mortgages, personal loans, business credit, and other types of credit vehicles. ...
Canton Co-operative Bank 671 Washington Street, P.O. Box 186 Canton, MA 02021 781-828-8811: Clinton Savings Bank 200 Church Street Clinton, MA 01510 978-365-4591: Bank of Canton 557 Washington Street Canton, MA 02021 781-828-1690: Coastal Heritage Bank 195 Washington Street Weymouth, MA 02188 781-796-6001: Cape Ann Savings Bank 109 Main Street Gloucester, MA 01930 978-283-0246
The DIF is a private, industry-sponsored excess insurance fund that insures all deposits above FDIC limits at Massachusetts-chartered savings and co-operative banks. The DIF has been insuring deposits since 1934. All DIF member banks are also members of the FDIC but not all FDIC member banks are DIF banks. Each depositor is insured by the FDIC ...