Watertown Savings Bank customers have the added comfort of knowing their funds are fully insured. The FDIC insures all deposits up to $250,000* per depositor relationship. All deposit amounts above the FDIC limits are insured in full by the Depositors Insurance Fund (DIF).
*This is the revised limit enacted on October 3, 2008 and is in effect through December 31, 2013.
To help you understand your coverage further, below are two important links. The first is to the FDIC. It will provide you with a tool that will disclose how much of your money at Watertown Savings Bank is covered by FDIC.
The other link is to the DIF site. You can see some frequently asked questions and answers, a list of member banks and the current annual report.
NOTICE REGARDING EXPANDED DEPOSIT INSURANCE
Watertown Savings Bank is pleased to announce that it is participating in the FDIC’s new Transaction Account Guarantee Program (TAGP). Under this program, through December 31, 2009, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account (no limit). Coverage under TAGP is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules.
For example, if you have $250,000 in CDs at Watertown Savings Bank they would be covered by FDIC. In addition, the total of your funds in your WSB noninterest-bearing Checking Account are also insured by FDIC.
In addition, at Watertown Savings Bank, Depositor’s Insurance Fund covers all funds in interest-bearing accounts that are above the FDIC limit. So, at Watertown Savings Bank you can be assured you are covered, no matter what. The Transaction Account Guarantee Program just expands the FDIC portion of your coverage.
As always, the WSB Information Desk is available to answer any questions you may have. Email them at support@watertownsavings.com (do not include any account numbers or other confidential information) or call 617-928-9000.
