DIF Exit - Frequently Asked Questions

For more than 175 years, Bristol County Savings Bank has served the needs of our customers and community. Our steady growth and financial strength have allowed us to evolve our products and services, open new branches, and generously support local non-profits.

The Bank’s substantial deposit growth recently caused us to exceed the maximum deposit level permitted for banks insured by the Depositors Insurance Fund (DIF). The DIF insures deposit balances in excess of the Federal Deposit Insurance Corporation (FDIC) limit of $250,000 per depositor, per account ownership category. As of the close of business on January 27, 2023 , we will no longer be a member of the DIF.

• All checking, savings and money market accounts that are opened as of January 27, 2023 will continue to be fully insured above the FDIC limit by the DIF for one additional year, until January 27, 2024.


• Certificates of Deposit (CD’s) that are open as of January 27, 2023 will continue to be fully insured above the FDIC limit by the DIF until their next maturity date.


• All deposits will continue to be insured up to the FDIC limit as they are now, and remain protected by the financial strength and stability of the Bank.


• It may be possible to restructure your deposits into separate ownership categories, such as individual, joint and retirement to qualify for more than $250,000 in FDIC insurance coverage. The FDIC has created a tool, the Electronic Deposit Insurance Estimator (EDIE) to assist depositors with understanding insurance coverage. You can find the tool at edie.fdic.gov. Please call us or visit a nearby branch to make desired changes to your deposit account.

  • Why is Bristol County Savings Bank no longer going to offer DIF insurance?
    The DIF sets a deposit limit on DIF insured banks. Due to our success in growing deposit relationships, we now exceed the limit.
  • What is the impact on customers?
    Deposits with the Bank as of January 27, 2023 in excess of the FDIC insurance
    coverage will continue to be insured by the DIF for a full year until January 27, 2024. CDs will continue to be insured
    until their next maturity date.

    • FDIC insurance coverage will remain in effect after we exit the DIF.
    • FDIC insurance applies separately to each of the various deposit account ownership categories set by the FDIC.
    • The retirement accounts category receives its own $250,000 in coverage regardless of whether you hold other non-retirement accounts with us.
    • Customers with more than $250,000 on deposit in a single non-retirement account ownership category may be able to restructure their account relationship to increase FDIC insurance coverage. Interested customers may call us at 508-828-5420 or visit a nearby branch. Additional information on coverage and tools to calculate FDIC insurance coverage are available at https://www.fdic.gov/
  • Is there any action that customers must take?
    There is no action that customers must take.
  • Without the DIF insurance, what is safeguarding my deposits?
    In addition to the $250,000 FDIC insurance, Bristol County Savings Bank remains very strong financially. Our capital ratios are amongst the strongest in the state, as is our liquidity.
  • Does this change impact other ways in which the Bank operates?
    This change in no way alters our commitment to our customers, community, core values or strategic direction. Bristol County Savings Bank is one of the largest and oldest community banks in Massachusetts.
  • How can I see what balances at the Bank are covered by FDIC insurance?
    The FDIC has created a tool, the Electronic Deposit Insurance Estimator (EDIE) to assist depositors with understanding insurance coverage. You can find the tool at edie.fdic.gov.
  • What can the FDIC Electronic Deposit Insurance Estimator (EDIE) tool be used for?
    EDIE can be used to calculate the insurance coverage of all types of personal deposit accounts offered by an FDIC-insured bank, such as Bristol County Savings Bank including checking accounts, savings accounts (both statement and passbook), money market deposit accounts (MMDAs), and Certificates of Deposits (CDs).
  • How can I keep my deposits within FDIC insurance limits?
    If you have $250,000 or less in all of your deposit accounts at the Bank, you do not need to worry about your insurance coverage – your deposits will continue to be fully insured by the FDIC. According to the FDIC, “A depositor can have more than $250,000 at one insured bank or savings association and still be fully insured provided the accounts meet certain requirements. In addition, federal law provides for insurance coverage of up to $250,000 for certain retirement accounts.
  • Is it possible to have more than $250,000 at Bristol County Savings Bank and still be fully covered?
    Yes! You may qualify for more than $250,000 in coverage if you own deposit accounts in different ownership categories. The most common account ownership categories for individual and family deposits are single accounts, joint accounts, revocable trust accounts, and certain retirement accounts. The FDIC Electronic Deposit Insurance Estimator (EDIE) tool may be used to help you understand the effects of account ownership ad insurance coverage.
  • What about my business accounts at Bristol County Savings Bank, are they included with my personal deposits insurance coverage?
    No, funds deposited by a corporation, partnership, or unincorporated association are insured up to a maximum of $250,000. Funds deposited by a corporation, partnership, or unincorporated association are insured separately from the personal accounts of the stockholders, partners, or members. To qualify for this coverage, the entity must be engaged in an independent activity, meaning that the entity is operated primarily for some purpose other than to increase deposit insurance.