CHB Blog

Worrying about the safety of your money should be the last thing on your mind. At Coastal Heritage Bank, we believe in providing our customers with not just financial services, but also peace of mind. That’s why we’re proud to offer both FDIC and DIF insurance coverage. But what exactly do these acronyms mean, and why should they matter to you?

Your first line of defense

The Federal Deposit Insurance Corporation (FDIC) is a government agency that protects your deposits up to $250,000 per depositor, per insured bank, for each account ownership category. This means that if something were to happen to the bank, your money is safe up to that limit.

The Massachusetts advantage

Here’s where it gets even better for our Massachusetts customers. The Depositors Insurance Fund (DIF) is a private, industry-sponsored insurance fund that provides additional coverage above and beyond FDIC limits for Massachusetts-chartered savings and co-operative banks like Coastal Heritage Bank. The best part— no one has ever lost a penny with DIF.

The power of both

With both FDIC and DIF insurance, your deposits at Coastal Heritage Bank are fully insured – no matter the amount. That’s right, every penny of your deposit is protected. This dual coverage offers unparalleled security for your hard-earned money.

What’s not covered?

While FDIC and DIF offer robust protection for your deposits, it’s important to note that they don’t cover everything. Investments like stocks, bonds, or mutual funds are not insured by these programs.

At Coastal Heritage Bank, we’re committed to safeguarding your financial future. With FDIC and DIF insurance, you can rest easy knowing your deposits are fully protected. After all, your peace of mind is our top priority.

As internet and social media usage increases in the digital age, the amount of scammers on the prowl also increases. Scammers are thieves who try to steal your money through methods of manipulation and impersonation. To stay safe against them, it’s important to identify potential scams and the action you can take when and if you spot them.

According to a report from Fraud.org, the most financially damaging scams in 2024 included cryptocurrency and investment schemes, while the most popular scams were those claiming to offer prizes and free gifts to participants.

Follow these helpful tips and steps to remain safe and keep your finances protected – and how Coastal Heritage Bank can help you if you suspect you may be a victim of a scam:

Step One: Stay Aware

Be on the lookout for suspicious activity, specifically from scammers, that could lead to fraud or identity theft. These may include calls, emails, or texts from unknown senders or individuals pretending to be somebody else, such as Coastal Heritage Bank. A good way to detect scammers is to search messages for grammar and spelling mistakes, which typically indicates that the sender is not who they claim to be.

Common tactics that scammers use include sending you text messages about failed package delivery attempts or emails about employment opportunities. In both cases, they’ll send you a link that they encourage you to click. It’s important that you do not click the links they send and instead report the email or text as spam.

Remember: In some cases, phone scams may appear realistic when the caller ID claims to be your banking institution. We will never ask you to reveal personal information (like your passwords, social security number, or debit card PIN) via phone calls, text messages, or emails.

Step Two: Track Account Activity

To identity fraud right away, keep an eye on your account activity at all times. You can set up alerts through online banking to help identify purchases that may appear suspicious or fraudulent. This way, you can report unauthorized transactions to us as quickly as possible.

Some scams (like those posing as fundraisers or charities) appear to be legitimate at first, and you may not realize until after you’ve completed a payment that someone is amiss. In that case, contact us at Coastal Heritage Bank as soon as you can for assistance.

Step Three: Limit What You Share

Avoid sharing too much personal information online or via social media, as many scammers and thieves will use this information to steal your identity or hack your accounts. Anything that could be a password or security question should be kept to yourself, as well as your PINs, debit card number, or important account information.

If an unknown number calls and asks for money pretending to be a relative or someone you know, be careful. Do not give away more personal information, and never repeat personal information over the phone. If you feel like a scammer is impersonating a loved one, hang up as soon as possible and report the incident.

Step Four: Report Fraudulent Activity Immediately

There are a few steps you can take if you suspect that you’ve been a victim of a scam. If an unapproved transaction appears in your bank account, you should immediately contact us or your credit card company. With their help, you should be able to get the charge removed and a new card or account number assigned to you.

At Coastal Heritage Bank, we’re here to help you feel safe and secure, so don’t hesitate to reach out with questions or help. Never engage with a scammer – go straight to us for assistance. That’s what we’re here for!

If you have more questions or want additional information about how to report fraudulent activity, head over to reportfraud.ftc.gov.