How your Deposits are Insured?
Thanks to a combination of deposit insurance safeguards, each depositor at Salem Five Cents Savings Bank, whether using a physical branch office, salemfive.com or salemfivedirect.com, is fully insured, regardless of the number of accounts or the total funds on deposit.
It works like this: The Federal Deposit Insurance Corporation (FDIC) now insures each depositor, for each ownership category, up to $250,000.
The result? Your deposits at Salem Five are completely protected – without limitation.
To learn more about the Federal Deposit Insurance Corporation or understand if your specific accounts are covered, use the FDIC Electronic Deposit Insurance Estimator tool (EDIE) at www.fdic.gov/edie/
Salem Five is a member of The FDIC (Federal Deposit Insurance Corporation). The first $250,000 per depositor is insured by the FDIC and is backed by the full faith and credit of the United States government.
Yes. All types of deposit accounts are covered, including savings, checking, and NOW accounts; money market accounts; certificates of deposit; IRAs and Keoghs; and all other deposit accounts held with Massachusetts-chartered savings banks.
No. The FDIC has always paid deposits in full up to its insurance limit. No depositor has ever lost a penny in an FDIC member bank since it was established in 1933.
Based on past experience, arrangements would be made for all deposits to be automatically transferred to another bank. All your deposit funds would be available with no interruption of service.
No. FDIC only cover deposits.
Visit the FDIC website where you can access additional information.
Deposit Insurance Coverage (FDIC)
The FDIC insures all deposits.
Watch the video to learn more about how the FDIC insures all deposits, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.