Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions for up to $250,000, by identifying, monitoring and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails.

An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure.

The FDIC receives no Congressional appropriations - it is funded by premiums that banks and thrift institutions pay for deposit insurance coverage and from earnings on investments in U.S. Treasury securities.

Savings, checking and other deposit accounts, when combined, are generally insured to $250,000 per depositor in each bank or thrift the FDIC insures. Deposits held in different categories of ownership - such as single or joint accounts - may be separately insured. Also, the FDIC generally provides separate coverage for retirement accounts, such as individual retirement accounts (IRAs) and Keoghs, insured up to $250,000. Interest on Lawyers Trust Accounts (IOLTA's) are separately insured up to $250,000.

Beginning January 1, 2013, funds deposited in a non-interest bearing transaction account will no longer receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). As of January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest bearing transaction accounts will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000) for each deposit insurance ownership category.

The FDIC's Electronic Deposit Insurance Estimator can help you determine if you have adequate deposit insurance for your accounts.

The FDIC insures deposits only. It does not insure securities, mutual funds or similar types of investments that banks and thrift institutions may offer.

The Savings Bank of Walpole has been managed and continues to be managed in a safe and sound manner with the single most important objective of protecting our depositors' accounts. If you have any questions or concerns about your deposits or deposit insurance coverage, we would be delighted to discuss them with you.