How do I make a payment for my Needham Bank Credit Card?

In order to make a payment to your Needham Bank Credit Card, you can either (1) sign into the NB Credit Card Portal, (2) add your Needham Bank Credit Card in your online banking bill pay or (3) pay by check and mail it to Needham Bank P. O. Box 2711, Omaha, NE 68103-2711.

What is Private Mortgage Insurance (PMI)?

Insurance provided by a private company to the mortgage lender against losses that might be incurred if a loan defaults. The cost of the insurance is usually paid by the borrower and is most often required if the loan amount is more than 80% of the home's value. Sometimes referred to as mortgage insurance.

How financially strong is the DIF?

No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF. The DIF has approximately $500 million in assets. During the recession of the early 1990s, the worst financial period in the history of the Massachusetts savings bank industry, the DIF paid out more than $50 million to protect over 6,500 depositors in 19 failed member banks. Yet the DIF emerged from this period financially stronger than before the recession began.

How do I know if my bank provides DIF insurance coverage?

Most member banks display DIF signs on doors and at teller stations, and note their membership in advertisements and marketing brochures. Look for “Member FDIC / Member DIF.” If you are not sure, ask a customer service representative.

Does the DIF insure investments in bank mutual funds or annuities?

No. Both the FDIC and the DIF insure only bank deposits, and do not insure bank mutual funds or annuity products.

Are my deposit accounts insured?

Yes. Each depositor is insured by the FDIC to at least $250,000. All deposits above the FDIC insurance amount are insured by the Depositors Insurance Fund (DIF).

The DIF is a private, industry-sponsored excess deposit insurance company. Created by a special act of the Massachusetts legislature in 1932, the DIF began operations as a primary insurer in 1934. Today, the DIF insures all deposits in its member banks that are in excess of the FDIC limits.

DIF insurance is available only on deposits in Massachusetts-chartered savings and co-operative banks. By combining FDIC primary insurance and DIF excess deposit insurance, banks which are members of both organizations provide their depositors with full insurance.

For more a more detailed understanding of FDIC and DIF insurance please contact one of our banking representatives.

My bank displays both the FDIC and DIF logos. What does membership in these organizations mean?

As a member of both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF), your bank provides full insurance for its customers’ deposits and accrued interest without limit or exception. Each depositor is insured by the FDIC to at least $250,000. All deposits above the FDIC insurance amount are insured by the Depositors Insurance Fund (DIF).

Are all types of deposit accounts fully insured in a bank providing both FDIC and DIF insurance?

Yes. All types and classes of deposit accounts, both personal and business, are covered including savings accounts, checking and NOW accounts, certificates of deposit (CDs), money market deposit accounts, and retirement deposit accounts.

I am a depositor at an out-of-state branch of a DIF member bank. Are my deposits covered by DIF insurance?

Yes. Several DIF member banks have branches in neighboring states. As a depositor in a DIF member bank, your deposits are fully insured. DIF coverage is not affected by where a depositor resides or where a member bank branch is located.

Are there any forms, applications, or special account titles required to receive full deposit insurance?

No. There are no forms, applications, or special account title requirements. Full deposit insurance protection works simply. You automatically receive this added insurance benefit when you make any deposit at a DIF member bank.

How are the assets of the DIF invested?

Massachusetts law and the DIF’s investment policies restrict the DIF to investments suitable for an organization that insures the public’s deposits, primarily U.S. Treasury and federal agency obligations, and obligations fully guaranteed by the U.S. government. DIF investments are regularly reviewed by its Board of Directors to assure conformity with both the law and DIF investment policies.

Is the DIF a federal or state agency?

No. The DIF is a private, industry-sponsored insurance company and is not backed by the federal government or the Commonwealth of Massachusetts.

How can I pay my mortgage online?

The easiest way to pay your Needham Bank mortgage is to perform a transfer from your NB Checking account.  You can even set up scheduled recurring transfers to ensure that you won’t miss a payment.

How can I change my personal information (username, password, address, email, etc.)?

After successfully logging in, on a desktop, select the My Settings link at the top right of the screen.  From the mobile app, select More, then Settings, then My Settings.

Why hasn’t my mobile deposit posted to my account?

For the purposes of funds availability, NB Mobile Deposits confirmed on or before 4:00 p.m. on a business day will be posted to your account on that business day.  If you have questions about whether a deposit has been accepted, select the History option at the top of the check deposit screen within your app.  This will show you the status of all checks that have been deposited. 

Can I view images of checks deposited through mobile deposit online?

Yes.  Select the History option at the top of the check deposit screen within your app.  This will show you the status of all checks that have been recently deposited and allow you to view the front and back by just tapping on the item.

How do I reset my password?

After entering your password incorrectly, on a desktop, select the link that says “I can’t access my account.”  Through the mobile app, select the “Forgot Login” link.  Enter a phone number you already have established to receive one-time passcodes for online banking access and your Username.  You will then receive a temporary password at the phone number provided.

How do I know when my payee will get my bill payment?

When scheduling a payment, the time between the “send-on” and “deliver by” dates shown in bill payment will dictate how the payment is sent to the payee.  If there are 2 business days between the send-on and deliver by dates, then the payment was processed electronically.  If there are 5 business days between, then the payment was sent via check to the payee.  To confirm that a payment has been sent, in your bill payment screen, review the “Processed Payment” on the right side of the screen, as payments may not immediately be deducted from your account.