Over the past few days, we have been hearing about the financial collapse of the Silicon Valley Bank (SVB). I want to ensure all our customers, with personal and/or business accounts that ALL your money on deposit at The Cooperative Bank (TCB) is safe. When I say all, I mean all – not just the first $250,000.
The Cooperative Bank has been a long-time member of the Depositor Insurance Fund (DIF). As a member of both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF), TCB provides full insurance for its customers' deposits without limit or exception.
DIF insurance is available only on deposits in Massachusetts-chartered savings and co-operative banks. By combining FDIC primary insurance and DIF excess deposit insurance, TCB provides all depositors with full insurance.
It’s important to note that not all banks have excess insurance. I encourage you to ask your other financial institutions if they carry excess insurance. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.
Here are some frequently asked questions about Depositor Insurance Fund (DIF):