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With two great choices - Free Checking or Free Checking with Interest - we've made picking an account easy! Still free after all these years.
Free Checking
Think you have to give up Free Checking to enjoy friendly, local banking service and convenience? Think again - still free after all these years.
At Pilgrim Bank, you can enjoy Free Checking, with the freedom to use any ATM, anywhere, without any transaction charges from us! (You may be subject to a usage fee that may be charged by the ATM owner.) Use our Free Online Banking with Free Online Bill Payment, or stop by for the South Shore's best personal service.
Free NOW Checking with Interest
Arrange for Direct Deposit of your paycheck or Social Security check, and your Free Checking account will earn interest. Enjoy all the benefits of our Free Checking account including no monthly service fee, no minimum balance requirement, and no limit to the number of checks you can write.
Deposit Insurance
Your deposits are insured in full.
At Pilgrim Bank your deposits are insured in full by the Federal Deposit Insurance Corporation (FDIC) up to the limits. The Share Insurance Fund of Massachusetts (SIF) insures deposits above that level. There are no maximum account limitations or amount limitations.
FDIC Deposit Insurance Coverage
Basic InsuranceThe standard maximum deposit insurance amount is $250,000 per depositor per insured deposit institution for each ownership category. This coverage was made permanent by the Dodd-Frank Wall Street Reform and Consumer Protection Act of July 2010.
Deposits in different institutions are insured separately. However, if an institution has one or more branches, the main office and all the branch offices are considered to be one institution.
Deposits maintained in different categories of legal ownership at the same bank can be separately insured, making it possible to have deposits of more than $250,000 at one insured bank and still be fully insured. This can increase your coverage to as much as $3,000,000.
Retirement Accounts- Retirement account deposits are insured separately up to $250,000. These include IRA’s, Keogh plan accounts, 457 plan accounts, and self-directed accounts.
The Share Insurance Fund ( SIF )
Every deposit you make in a Massachusetts co-operative bank is insured in full, dollar-for-dollar, without restriction. This includes deposits and accumulated interest in savings accounts, checking and interest-bearing transaction accounts, money market accounts, and term deposits such as certificates of deposit. This protection is provided by a combination of coverage provided by the FDIC and the Share Insurance Fund of The Co-operative Central Bank.
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 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.
Discover the Difference!
For more information about our products and services, please use our information request form, visit one of our offices, or give us a call at (781) 383-0541, and Discover the Pilgrim Difference.