Open an
account with a DIF- or SIF-insured
bank. The
Deposit Insurance Fund (DIF) is a
private company headquartered in Massachusetts that provides
insurance on
deposit accounts for participating state-chartered
savings banks. The Share Insurance Fund (SIF) is also a private
fund that insures deposit accounts for Massachusetts-chartered co-operative banks. DIF and SIF member banks
guarantee depositors' funds above the
FDIC limit, regardless of both the FDIC limit and the
amount of
money held by the
depositor. All
deposit account types are guaranteed, including savings and checking accounts, CDs,
money market and
retirement deposit accounts. By providing both FDIC insurance and DIF or SIF insurance, member banks can guarantee that their depositors' funds are fully
insured. Once you
open a deposit account with a DIF or SIF
member bank, there are no additional qualification tests to meet or forms to complete. In
addition, you do not
need to be a Massachusetts residents to do
business with a DIF or SIF member bank.
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