Everyone knows that local banks have great service, customizable solutions, and employees that are deeply invested in the success of their communities. Local banks like East Cambridge Savings Bank also have the stability and security to serve their customer regardless of economic conditions or what happens on Wall Street. Our Bank’s focus is the success of Main Street and the people, business, and organizations that make our communities special places to live and work.
On the doors of each banking center, at every teller window, and at every ATM, customers see two decals. One for the Federal Deposit Insurance Fund (FDIC) and one for the Depositors Insurance Fund (DIF). The Bank’s membership in each of these organizations means that all deposits are insured in full. The FDIC, a federal agency formed in 1933, ensures all deposits up to $250,000 are insured. The DIF, a private insurance fund supported by Massachusetts based banks like East Cambridge Savings Bank, insures all deposits above $250,000. In short, all deposits with East Cambridge Savings Bank are insured, protected, and safe. As the DIF website states, “No depositor has ever lost a penny in a bank insured by both the FDIC and DIF.”
Underscoring that fact was a recent statement by the Massachusetts Bankers Association, the trade group that advocates for the interests of 145 banks across the Commonwealth. “Our member institutions are well capitalized and financially strong. Your deposits in banks and credit unions are safe and insured up to $250,000 by the Federal Deposit Insurance… In many cases, the financial institution may have excess insurance for deposits exceeding federal deposit insurance limits of $250,000. The safest place for your funds right now is in your credit union or bank.”
Local banks are well capitalized, fiscally sound, and more than ready to provide a safe and stable place for their customers to conduct day-to-day transactions as well as safeguard their hard-earned savings.
To learn more about East Cambridge Savings Bank’s FDIC and DIF insurance, please speak to any bank employee.
For more information on the FDIC
, and Massachusetts Bankers Association
, please visit their websites.