FDIC and DIF Insurance Explained

Greenfield Cooperative Bank and it’s Northampton Co-op Bank division are members of the FDIC and DIF, but what does that mean?

As a member of both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF), we provide full insurance for our customers’ deposits and accrued interest without limit or exception. Each depositor is insured by the FDIC to at least $250,000. All deposits above the FDIC insurance amount are insured by the Depositors Insurance Fund (DIF). So rest assured, 100% of your money is safe with us!

What is the FDIC?

The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects bank depositors against the loss of their insured deposits in the event that an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What is the DIF?

The DIF is a private, industry-sponsored excess deposit insurance company. Created by a special act of the Massachusetts legislature in 1932, the DIF began operations as a primary insurer in 1934. Today, the DIF insures all deposits in its member banks that are in excess of the FDIC limits.

Are all types of deposit accounts fully insured in a bank providing both FDIC and DIF insurance?

Yes. All types and classes of deposit accounts, both personal and business, are covered including savings accounts, checking and NOW accounts, certificates of deposit (CDs), money market deposit accounts, and retirement deposit accounts.

Do I need to apply to receive insurance coverage through the FDIC and DIF?

No. There are no forms, applications, or special account title requirements. Full deposit insurance protection works simply – coverage is automatic whenever a deposit account is opened.

How safe is my money?

No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF. Your money will always be safe with us. 

Learn more about the FDIC

Learn more about DIF.

Click the image below to learn more about FDIC insurance: