FDIC and DIF Coverage
You’re Fully Insured
When you bank with Mechanics Cooperative Bank, your deposits are fully insured. Each depositor at Mechanics Cooperative Bank 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) in full.
What is DIF Insurance?
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, banks which are members of both organizations provide their depositors with full insurance.
Penny for Penny
Unlimited coverage means all your deposits are insured with no dollar limit. This includes your Checking and Savings accounts, Certificates of Deposits (CDs), and Money Market Accounts.
Coverage is Automatic
Depositors automatically receive this added insurance benefit at no cost whenever they make a deposit to a new or existing account at Mechanics Cooperative Bank. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.
A Message from our President
Click Here for a message to our customers from President and CEO, Joseph T. Baptista Jr. regarding recent financial events.
Financial Resource Links
Additional Questions? Contact Us.
If you have any additional questions or concerns about your account, do not hesitate to contact us directly. Please call 1-888-MECHANICS (632-4264) to speak with a Customer Service Representative.
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