Rockland Trust Company is a full-service community bank headquartered in Massachusetts, with approximately $5 billion in assets. The sole bank subsidiary of Independent Bank Corp. (NASDAQ: INDB), Rockland Trust provides a wide range of consumer, business, investment, and insurance products and services to communities in Eastern Massachusetts. Our network consists of 67 retail branches, nine commercial lending centers, four mortgage banking centers, and three investment management offices located in Massachusetts, plus one investment management and commercial lending office in Rhode Island.
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FDIC Insurance Coverage Permanently Increased to $250,000 Per Depositor
What is the FDIC?
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects 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. Since the FDIC was established, no depositor has ever lost a single penny of FDIC insured funds.
Increased FDIC coverage.
On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.
How does the FDIC protect my money?
FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic.
To ensure funds are fully protected, depositors should understand their deposit insurance coverage limits. The FDIC provides separate insurance coverage for deposits held in different ownership categories such as single accounts, joint accounts, Individual Retirement Accounts (IRAs) and trust accounts.