Simply put, it means that your deposits are protected, in-full, above FDIC coverage limits.
If an FDIC member bank fails, each depositor of that bank has their deposits covered, up to at least $250,000. While FDIC insurance coverage provides peace of mind, its coverage limits can be worrisome to those depositors who have more than $250,000 in their deposit accounts.
BankFive customers however, will be happy to know that their deposits are covered in full - above FDIC limits - through the Depositors Insurance Fund, also known as DIF.
The DIF insures all deposits above the FDIC limit in Massachusetts savings banks. And at BankFive, because our Bristol, Rhode Island location is an extension of our Massachusetts-based bank, deposits made there are covered 100% as well.
For more information about DIF, and BankFive's full deposit insurance, please visit bankfive.com/dif