Depositors Insurance Fund

fully insured deposits down to the last penny.

Your Money's Safe at BankProv

Since 1934, we’ve provided 100% fully insured deposits at no additional cost or complexity to our clients. We’re a member of both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The FDIC insures each depositor to at least $250,000, and the DIF insures the rest – down to the last penny!

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What is DIF Insurance?

The DIF is a private, industry-sponsored excess insurance fund that insures all deposits above FDIC limits at Massachusetts-chartered savings and co-operative banks. The DIF has been insuring deposits since 1934. All DIF member banks are also members of the FDIC but not all FDIC member banks are DIF banks. Each depositor is insured by the FDIC to at least $250,000. All deposits above the FDIC insurance amount are insured by the DIF.

The combination of FDIC and DIF insurance allows us to provide our customers with full deposit insurance on all their deposit accounts at no additional cost. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.

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Deposit Insurance FAQs

Deposit insurance is a measure implemented to protect your money in the unlikely event of a bank failure. The Federal Deposit Insurance Corporation (FDIC) insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The Deposit Insurance Fund (DIF) insures the rest. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF. Learn more by reading one of our latest blog posts.

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the US government. Established in 1933 during the Great Depression, the FDIC was founded to insure bank deposits in case the bank failed.   The FDIC provides deposit insurance to depositors in American depository institutions. They insure their depositor up to at least $250,000.

No. As a member of both the FDIC and the DIF, we’re able to provide our all of our deposit clients fully insured deposits down to the last penny at no extra cost.

The DIF coverage isn’t affected by where a depositor resides or where a member bank branch is located. You’re covered no matter where you are banking with us.