All Deposits Insured in Full
LowellBank’s customers continue to be fully insured by a combination of the insurance provided first by the FDIC, and then for deposits in excess of the FDIC limits, the SIF (Share Insurance Fund) of the Co-operative Central Bank will cover all remaining balances. This combination provides our customers with the best deposit insurance available.
On July 21, 2010 the FDIC Standard Deposit Insurance Coverage Amount of $250,000.00 was made permanent. The FDIC coverage limit applies per depositor, per insured depository institution, for each account ownership category.
Additionally, all funds in a “non-interest-bearing transaction account” are insured in full by the FDIC from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000.00 available to depositors under the FDIC’s general deposit insurance rules. Included in this category are traditional checking and demand deposit accounts that are non-interest bearing as well as all IOLTA accounts (Interest on Lawyers Trust Accounts). This coverage does not include interest bearing transaction accounts such as NOW accounts, (Negotiable Order of Withdrawal accounts).
The Temporary Liquidity Guarantee Program enacted by the FDIC in October, 2008 that provided separate coverage to fully insure all non-interest bearing transaction accounts, IOLTA accounts and low-interest bearing NOW accounts will expire on December 31, 2010.
Please read: Privacy and Security Policy
© 2011 Lowell Cooperative Bank
15 Hurd Street Lowell, Ma 01852 | Main Phone: 978-458-4598
Equal Housing Lender Member FDIC/Member SIF