Deposit Insurance - Complete Peace of Mind
What Does Fully Insured Mean?
Marblehead Bank customers have the added comfort of knowing their funds are fully insured. The FDIC insures all deposits up to $250,000 per depositor relationship. All deposit amounts above the FDIC limits are insured in full by the Depositors Insurance Fund (DIF).
To help you understand your coverage further, below are two important links. The first is to the FDIC. It will provide you with a tool that will disclose how much of your money at Marblehead Bank is covered by FDIC.
The other link is to the DIF site. You can see some frequently asked questions and answers, a list of member banks and the current annual report.
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.
All deposits in Marblehead Bank above the FDIC limits are insured in full by the Depositors Insurance Fund (DIF). Accordingly, all noninterest-bearing transaction account deposits that are no longer insured by the FDIC will be insured in full by the DIF effective January 1, 2013.