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Every deposit you make at Beverly Cooperative Bank is insured in full, dollar-for-dollar, without restriction. This includes deposits and accumulated interest in savings accounts, checking and interest-bearing transaction accounts, money market accounts, and term deposit accounts such as certificates of deposit. This protection is provided by a unique combination of coverage provided by the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund of The Co-operative Central Bank (SIF). The FDIC is an independent agency of the United States government. It was established by Congress in 1933 to insure bank deposits. Click here to learn more. The Co-operative Central Bank is a private special act corporation. It was established in 1932 to provide a source of cash reserves for all co-operative banks in Massachusetts. The Share Insurance Fund was established by the Legislature in 1934 to provide protection for deposits in Massachusetts chartered co-operative banks. Click here to learn more. In addition, Beverly Cooperative Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under the program, through December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules. No other bank provides more deposit insurance. |
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