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All deposits at Fidelity Bank are insured through both the Federal Deposit Insurance Corporation (FDIC), which covers up to $250,000 per depositor, and the Depositors Insurance Fund (DIF), which covers all funds in excess of the FDIC-insured amount. This combination of deposit insurance means that all funds that are kept with Fidelity Bank in deposit accounts are 100% fully insured, regardless of the number of accounts you hold or how your accounts are opened and managed. No action is necessary on your part to receive this coverage – it is an automatic benefit of your relationship with Fidelity Bank.
Simply put, no depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.
Here are some frequently asked questions about FDIC & DIF Insurance:
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects depositors against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. Each depositor is insured by the FDIC to at least $250,000. Since the FDIC was established, no depositor has ever lost a single penny of FDIC insured funds.
The Depositors Insurance Fund (DIF) is a private, Massachusetts-based industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at our member banks. DIF has been insuring deposits since 1934 and like the FDIC, no depositor has never lost a single penny of insured funds. All DIF member banks are also members of the FDIC. All deposits above the FDIC insurance amount are fully insured by DIF.
FDIC and DIF insurances cover funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). Coverage is automatically applied to all accounts; depositors do not need to apply for these insurances.
FDIC & DIF insurances do not cover other financial products and services that banks may offer, such as stocks, bonds, mutual funds, life insurance policies, annuities or securities.
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