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Federal Deposit Insurance Corporation (FDIC)
How FDIC Insurance Works (And What's Not Covered)
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Dec 02, 2020 The FDIC is a federally backed deposit insurance agency where member banks pay regular premiums to fund claims. The maximum insurable amount is currently $250,000 per depositor, per bank. May 05, 2020 Assuming Institution: A healthy financial institution that purchases the assets of a failed financial institution. The assuming institution assumes the liabilities of the failed institution, with.

How your Deposits are Insured?
Thanks to a combination of deposit insurance safeguards, each depositor at Salem Five Cents Savings Bank, whether using a physical branch office, salemfive.com or salemfivedirect.com, is fully insured, regardless of the number of accounts or the total funds on deposit.
It works like this: The Federal Deposit Insurance Corporation (FDIC) now insures each depositor, for each ownership category, up to $250,000.
Deposits at Salem Five in excess of the standard insurance amounts provided by the FDIC are covered by the Depositors Insurance Fund (DIF). The DIF is a private, industry-sponsored insurance fund that insures all deposits above FDIC limits at Massachusetts-chartered savings banks. The DIF was established by the Massachusetts legislature in 1932 and has been insuring deposits since 1934. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.
The result? Your deposits at Salem Five are completely protected – without limitation.
To learn more about the Federal Deposit Insurance Corporation or understand if your specific accounts are covered, use the FDIC Electronic Deposit Insurance Estimator tool (EDIE) at www.fdic.gov/edie/

Federal Deposit Insurance Corporation (FDIC)

FDIC/DIF FAQs

How FDIC Insurance Works (And What's Not Covered)

I've noticed that my bank displays the FDIC and DIF symbols. What does Member FDIC/Member DIF mean?
Salem Five is a member of both organizations that insure depositors' funds against loss. The first $250,000 per depositor is insured by the FDIC.
Do all banks offer FDIC and DIF insurance coverage?
No. While there are other insuring entities, only Massachusetts-chartered savings banks offer the additional protection of DIF insurance.
Are all my deposits at Salem Five insured in full?
Yes. All types of deposit accounts are covered, including savings, checking, and NOW accounts; money market accounts; certificates of deposit; IRAs and Keoghs; and all other deposit accounts held with Massachusetts-chartered savings banks.
Has any depositor ever lost money in a Member FDIC/Member DIF bank?
No. The FDIC has always paid deposits in full up to its insurance limit. The DIF has always paid all deposits in excess of the FDIC's limit. No depositor has ever lost a penny in an FDIC/DIF member bank since either Fund was established.
How financially strong are the FDIC and the DIF?
The FDIC is backed by the full faith and credit of the U.S. Treasury. While the DIF is not backed by federal, state, or local governments, the Fund is very strong and has extensive recourses. The banking crisis of the late 1980s serves as a poignant example of the DIF's financial strength. In this period, 18 DIF member banks failed. These banks contained funds from over 6,300 excess depositors. Their excess deposits totaled $250 million. Each and every depositor was paid in full. This was the worst period in the history of the Massachusetts thrift industry, yet the Fund has more money today than it did at the start of the crisis.
Is the DIF subject to any form of regulatory scrutiny?
Yes. The DIF's financial records are examined regularly by the Massachusetts Commissioner of Banks, and audited annually by an independent auditor.
If a Member FDIC/Member DIF bank ever got into financial trouble, how would I get my money?
Based on past experience, arrangements would be made for all deposits to be automatically transferred to another bank. All your deposit funds would be available with no interruption of service.
I'd like to buy a CD for $325,000. Is it fully insured if I place it in one account, or will I need to open two accounts in different names?
You can buy a single CD for the entire amount. At a Member FDIC/Member DIF member bank, your deposits are fully insured, even if they exceed $250,000.
Where can I learn more about the FDIC and DIF?
Visit the FDIC and DIF websites where you can access additional information.

The FDIC insures all deposits.

Watch the video to learn more about how the FDIC insures all deposits, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.

Member FDIC

Cross River Bank is a member of the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your deposits if an FDIC-insured bank or savings association fails.
What is insured by the FDIC?

All types of deposits held by Cross River Bank are covered by FDIC insurance including:
- Checking Accounts
- NOW Accounts
- Savings Accounts
- Money Market Savings Accounts
- Certificates of Deposit
- Outstanding Cashier’s Checks, Money Orders, Loan Disbursement Checks, Interest Checks and Drafts issued by Cross River Bank

What amount of insurance coverage do I have for my accounts?
(As of January 01, 2013)
Basic Insurance:
Basic FDIC insurance is $250,000 per depositor, per insured financial institution.
NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, 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.
Coverage Over Basic Insurance:

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The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership. In addition to the separate, unlimited insurance coverage on noninterest - bearing consumer and business checking accounts, it is possible to qualify for more than the current $250,000 in coverage at one insured bank if you own deposit accounts in different ownership categories. The ownership categories are (1) single; (2) joint; (3) revocable trust (informal revocable trusts such as “Payable-on-death” accounts and formal revocable trusts such as living/family trusts created for estate planning purposes); (4) irrevocable trusts; (5) certain retirement plans; (6) employee benefit plans; (7) business (corporation, partnership, unincorporated associations); and (8) government.
If you still have questions, please contact the FDIC toll-free at 1-877-ASK-FDIC (877-275-3342) from 8:00 am until 8:00 pm (Eastern Time) or contact them online at www.fdic.gov.
The information and content provided here about FDIC insurance is for informational purposes only and is provided as a convenience to you. Cross River Bank makes no warranties or representations as to its accuracy and bears no liability for your use of this information. Cross River Bank does not endorse and is not responsible for the content, links, privacy policy, or security policy of any non-Bank website link included here. The information being made available to you here is not intended, and should not be construed as legal, tax, or investment advice, or a legal opinion. You should contact your legal, tax and/or financial advisors to help answer questions about your specific situation or needs prior to taking any action based upon this information.
Understanding Deposit Insurance: