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This
page contains a list of frequently asked questions about
Reading Co-operative Bank. Should you have other questions
not answered here, please contact
us.
If you're
looking for other frequently asked questions, please review
these pages:
Who
actually insures the deposits in Reading Co-operative Bank?
The
Federal Deposit Insurance Corporation (FDIC) provides
insurance for the first $100,000 per depositor. The Share
Insurance Fund of the Co-operative Central Bank (SIF)
provides total insurance for all remaining balances and
interest.
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How
much deposit insurance do I have for my account?
Every deposit you make at Reading Co-operative Bank is
insured in full, This includes deposits and accumulated
interest in savings accounts, checking, and interest
bearing transaction accounts, money market accounts, and
certificates of deposit.
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How
are depositors protected against loss?
Reading
Co-operative Bank is regularly examined by Federal and
State banking agencies for compliance with safe and sound
banking practices. Should financial difficulties arise,
the Central Co-operative Bank can assist in restructuring
a member bank to regain a sound condition.
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Are
all banks insured by the Share Insurance Fund?
No.
Only Massachusetts-chartered cooperative banks offer the
additional SIF insurance.
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How
are the assets of the Shared Insurance Fund invested?
The
assets of the Shared Insurance Fund are divided into short-term
obligations of the United States Government, federal agencies,
certificates of deposit, and certain other secure and
conservative investments.
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How
does the insurance provided by the SIF compare to other
existing deposit agencies?
The
deposit insurance provided by the combination of the FDIC
and SIF is the best available. You should be assured that
your deposited assets will be Insured in Full for as long
as they are in Reading Co-operative Bank.
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How
does Reading Co-operative Bank protect my privacy?
We
take the privacy of your information very seriously, and
have developed an extensive Privacy Policy to ensure the
safeguarding of your information. To read our Privacy
Policy, click HERE. For
specific information about security with online banking,
click HERE.
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How
does Reading Co-operative Bank's online banking service
work?
Information
about our online banking service can be found HERE.
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Is
online banking secure?
Very!
To read about our online security measures for Internet
banking, click HERE.
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How
do I contact Reading Co-operative Bank about a question
that's not answered on your web site?
You
can stop in at any of hour branches
during normal business hours. You can also phone us at
(781) 942-5000, or email us
with any questions you have about Reading Co-operative
Bank.
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