BankFive - Where All Deposits Are Insured In Full
Why place your money in an account that doesn't offer 100% deposit insurance, when you can ensure the safety of every penny with a BankFive account?
As an FDIC and Depositors Insurance Fund (DIF) member bank, BankFive gives its customers the assurance of 100% deposit insurance, meaning all BankFive customer deposits are insured in full, above FDIC limits.
How Does It Work?
Each depositor is insured by the FDIC to at least $250,000. All deposits above the FDIC insurance amount are covered by the Depositors Insurance Fund (DIF). The combination of FDIC and DIF insurance provides BankFive customers with full deposit insurance on all of their deposit accounts.
The DIF and Your Finances
- 100% Deposit Insurance - The Depositors Insurance Fund (DIF) insures all deposits above the FDIC limit in Massachusetts savings banks. Because our Bristol, RI location is an extension of our Massachusetts-based bank, deposits made there are covered 100% as well.
- Covers Every Penny Above FDIC Limits - There is no dollar limit to the DIF's coverage; they cover everything above the FDIC limit of $250,000.
- No Residency Requirements - Whether you're away at school, travelling, or simply living over state lines, there's no need to worry. Even though the DIF is a Massachusetts-based company, you need not be a resident of MA to take advantage of DIF insurance. You simply must bank with a DIF member bank like BankFive.
- All Deposit Types Are Covered - All types and classes of deposit accounts are covered by DIF insurance, including savings and checking accounts, certificates of deposit (CDs), and money market deposit accounts.
- It's Automatic - There are no forms or applications required. You automatically receive DIF coverage the minute you make any deposit.
- Protection You Can Trust - No depositor has ever lost a cent in a DIF member bank!
For more information about FDIC and DIF coverage, please visit the links below: