General FAQs
Q Are Central Bank deposit accounts insured?
A Yes! Deposits are insured in full. The combined deposit insurance of the Federal Deposit Insurance Corporation (FDIC) and the Share
Insurance Fund (SIF) of The Co-operative Central Bank provides each individual with fully insured deposits.
The FDIC insures the first $250,000 per depositor and any additional amount over that $250,000 is fully insured by the Share Insurance Fund regardless of the amount or type of account.
PLEASE NOTE: NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through
December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the
FDIC’s general deposit insurance rules.
The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository
institution pays no interest. It also includes Interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking
or demand deposit accounts that may earn interest, NOW accounts and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
Q How do I set up Direct Deposit of my payroll check?
A After your account has been opened, you will receive Central Bank's routing and transit number and your account number. If your employer
participates in a direct deposit program, simply provide this information to the human resources or payroll department at your company, and your direct deposit will
usually begin within thirty days.
Q How do I set up Direct Deposit of my Social Security check?
A After your account has been opened, you will receive Central Bank's routing and transit
number and your account number. Simply stop by any of our branch locations and have your Social Security Number and account information available, and we will
assist you in setting up your direct deposit.
Q Can I get information about my account by phone?
A Yes! Account information is available with our Customer Service Representatives during business hours at any of our offices or ask about
our Telephone Voice Response System (617-629-4321) for automated account information 24 hours a day.
Q Can businesses have accounts at Central Bank?
A Yes! To see what we currently offer, check out our Business Products page.
Central Bank's Online Banking options allow you online access for business accounts. Please visit your local branch
office to apply, or if you would like more information.
Q Can I do all of my banking with Central Bank?
A Yes! Thanks to the convenience of Direct Deposit and ATMs, everyday banking activities can be performed from the comfort of your home.
Contact us with questions about your banking needs.
Q Can I review my transactions at any time?
A Yes! With Online Banking and Telephone Banking, you have access to your account information 24 hours a day, 7 days a week!
Q How frequently is my Central Bank information updated?
A Central Bank updates all customer information nightly. Whether you access our Online Banking site or visit one of our branch
offices, your account information is updated every day to reflect all account activity.
Q Are wire transfers possible to and from my Central Bank checking account?
A Yes! Funds can be transferred to and from Central Bank accounts by wire transfer or via ACH (Automated Clearing House) debits or credits.
Call any of our branch offices for details.
Q How do I make a deposit to my account from a remote location?
A You can do most of your banking by using direct deposit, ATMs or ACH (Automated Clearing House) transactions. Central Bank also offers a
bank-by-mail service that allows you to mail non-recurring deposits. Contact us for details on the method that's best for you.
Q What happens if I lose my ATM card or my Debit MasterCard®?
A You should contact the bank as soon as you know that the card is missing.
For information on reporting a lost or stolen ATM card, click here.
For information on reporting a lost or stolen debit card, click here.
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