Deposit Insurance

Effective September 29, 2023, UniBank will be exiting DIF Membership (Depositors Insurance Fund).

Frequently Asked Questions (FAQs):

• What is DIF?
  DIF is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at its member banks, all of which are based in Massachusetts. DIF has been insuring deposits since 1934. All DIF member banks are also members of the FDIC. Each depositor is insured by the FDIC up to at least $250,000, all deposits above the FDIC insurance amount are covered by DIF for member banks.
• Why is UniBank exiting DIF?
  UniBank’s substantial deposit growth has resulted in the Bank to reach and exceed the maximum deposit level allowed by DIF for member banks.
• When will the DIF coverage on my account(s) end?
  UniBank will officially have exited the DIF at 11:59 p.m. local time on September 29, 2023. Accounts opened after this date and time are not covered by DIF insurance.
  
  All money in checking, savings and money market accounts at UniBank as of 11:59 p.m. local time on September 29, 2023, will remain covered by DIF insurance for one full year, until September 29, 2024 (the “grace period”). If additional funds are added to existing checking, savings or money market accounts during the grace period, they will not be insured by DIF.
  
  Certificates of Deposit (CDs) opened on or before 11:59 p.m. local time on September 29, 2023, will continue to be insured by DIF until maturity.
• Which accounts does DIF cover?
  DIF insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). For customers of member banks, coverage is automatically applied to all accounts; depositors do not need to apply for the insurance.
• Does this mean my deposits with UniBank are no longer insured?
  Deposits held with UniBank in a checking, savings, money market account or CD will continue to be covered by the FDIC up to $250,000 per depositor, for each ownership category.
  
  I have deposits that exceed $250,000 with UniBank. Is there anything I can do to obtain insurance coverage for them?
  
  There may be options available to restructure your deposits into different ownership groups (such as joint, individual or retirement) to qualify for additional insurance. If you have any questions, please call 800-578-4270 or visit a UniBank branch to discuss how to maximize your FDIC insurance coverage. Additionally, the FDIC has an online calculator to help determine coverage amounts. You can find the tool known as the Electronic Deposit Insurance Estimator (EDIE) here: https://edie.fdic.gov/
• Should I be concerned about the financial strength and stability of the Bank?
  No. It is because of our financial strength that we were required to exit DIF. All Massachusetts banks that have reached the same asset threshold are not DIF insured.
• Are my accounts insured at all at UniBank?
  All deposits at UniBank are insured through the Federal Deposit Insurance Corporation (FDIC), which covers up to $250,000 per depositor.
• What is FDIC Insurance?
  The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects depositors against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States government.
• Which accounts does FDIC insurance cover?
  FDIC insurance cover funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). Coverage is automatically applied to all accounts; depositors do not need to apply for these insurances.
• What is not covered by deposit insurance?
  FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual funds, life insurance policies, annuities or securities.