What's the DIF?
By Chuck Withee, President, The Provident Bank
The old slang phrase has new meaning for customers when they first come over to The Provident Bank. While there are, in fact, many differences here at The Provident when compared to other banks, we are going to use the second form of this double entendre.
DIF is an acronym for Depositor's Insurance Fund, which is insurance protection that was designed for a select group of Massachusetts Savings Banks back in 1934; primarily in response to the lack of confidence in the banking industry following the Great Depression. Once the FDIC came into existence to cover a portion of deposits (now $250,000), DIF became an important additional insurance to protect all deposits (100% coverage) above the FDIC limits. DIF coverage has been tested many times since its inception, with numerous economic downturns, and no depositor has ever lost a dime in a DIF insured bank, ever! It is also important to note that all deposits at The Provident Bank, whether domiciled in Massachusetts or any other state, are fully covered; this important fact has also been tested successfully, with other DIF insured banks, numerous times over many years.
The Depositors Insurance Fund comes under the supervision of The Massachusetts Division of Banks, to ensure that it remains safe and sound.
So, what's the DIF? Complete 100% peace of mind when it comes to your money on deposit here at The Provident Bank.