Helpful Information

Helpful Information for Massachusetts Consumers

The Division of Banks serves as a Massachusetts state regulatory agency for state-chartered banks and credit unions in addition to a variety of state licensed financial service businesses and individuals.  The Mission of the Division is to ensure a sound, competitive and accessible financial services environment throughout the Commonwealth.

What Consumers Should Know About Depository Institution Insurance

  • All depository institutions in Massachusetts are federally insured to protect the deposits of consumers in the event of failure.
  • The logo of the insurer must be posted in the bank or credit union.
  • Banks are insured by the Federal Deposit Insurance Corporation (FDIC) and credit unions are insured by the National Credit Union Administration (NCUA).  State-chartered depository institutions may also have additional deposit insurance above the federal limits through a private, industry-sponsored excess insurer.



Resources for Filing a Consumer Complaint

Complaints should be directed to the depository institution's primary regulator.

  • Complaints regarding a Massachusetts state-chartered bank or credit union may be directed to the Division of Banks.
  • Complaints regarding a federally chartered bank may be directed to the Office of the Comptroller of the Currency.  Federally chartered banks often have 'National', 'NA', 'Federal' or 'FSB' included in their name.
  • Complaints regarding federally chartered credit unions may be directed to the National Credit Union Administration (NCUA).  Federally chartered credit unions often have 'Federal' included in their name.

The Consumer Financial Protection Bureau (CFPB) is a federal agency which will take a complaint regarding any financial product or service, regardless of institution but will most likely refer you to the primary regulator for direct assistance.



Additional Financial Resources for Consumers