March 23, 2020
Your Money is Safe – at Avidia Important Answers to your Questions about Deposit Protection Amid COVID-19
At Avidia, we understand the COVID-19 situation and the disruptions to your daily life may be leaving you with many questions and uncertainties, not the least of which involve your money. Recently, for example, we received calls from customers concerned about the safety of their deposits. To help you with any concerns you may be having regarding deposit protection, we wanted to share the following answers to some common questions.
Are my bank deposits still secure?
Be assured, the deposits you have with Avidia are fully protected with FDIC/DIF insurance. In fact, this past week, the Federal Deposit Insurance Corporation (FDIC), the independent agency that insures bank deposits, issued a statement reminding Americans that FDIC-insured banks remain “the safest place to keep their money.”
How does FDIC insurance work?
With FDIC insurance, your accounts are protected for up to $250,000 for each depositor and ownership category (joint account etc.). Amounts you have over that limit are protected by DIF insurance, which brings us to the next important question.
What is DIF insurance?
Avidia deposits that exceed the FDIC limits are covered by the Depositors Insurance Fund (DIF). The DIF is a private, industry-sponsored insurance fund that provides full insurance for your deposits (and accumulated interest) above FDIC limits at Massachusetts-chartered savings banks.
The DIF has been insuring deposits since 1932, and since that time no depositor has ever lost a penny in a bank insured by both the FDIC and DIF.
Are all my deposits fully protected by deposit insurance?
Yes, with FDIC/DIF insurance all of your deposits, including your savings accounts, checking accounts, certificates of deposit (CDs), money market deposit, and IRA accounts are fully protected.
Is my money still insured even though branches have limited service?
Yes. For health and safety reasons, many banks, including Avidia, have had to temporarily limit their branch operations. Though you may not be able to access your money in the same way as before (by walking into a branch), you will continue to receive the same deposit protection.
Plus, as an Avidia customer, you’ll always have access to your funds when you need them. In addition to drive-up and ATM services, we offer the convenience of managing your money with Internet Banking and Mobile Banking. Our Mobile Banking app, even allows you to deposit checks with your smartphone.
Will there be enough cash during the pandemic?
Be assured that the Federal Reserve System has sufficient resources to be able to handle the currency needs of bank depositors.
What types of accounts are not protected by FDIC/DIF insurance?
Again, FDIC/DIF insurance protects all types and classes of deposit accounts, including savings accounts, checking accounts, certificates of deposit (CDs), money market deposit accounts, and IRAs. It does not cover mutual funds, stocks, bonds, annuities, or investments that are not deposit accounts.
Where can I obtain additional information about deposit insurance?
The FDIC has a team of experts available to answer your questions. Simply call 1-877-ASK-FDIC (1-877-275-3342) and ask to speak with a Deposit Insurance Subject Matter Expert. You can also visit the FDIC’s website to learn more. One tool available on the site is the Electronic Deposit Insurance Estimator (EDIE), which allows you to determine the protection you have.
We’re here for you today – and tomorrow. Honest to Goodness.
As an Avidia customer, you’ll never have to worry about our commitment to protecting you and your money. For 150 years, we’ve been right here to help local people and businesses do their everyday banking and reach their financial goals. You can continue to count on us to serve you when you need us. For more information on your insurance coverage or to get assistance, please call us at (800) 508-2265, 24 hours a day, 7 days a week or email us using this webform here.