This page contains a list of frequently asked questions about Reading Co-operative Bank. If you have any other questions, we encourage you to contact us.

• Who actually insures the deposits in Reading Co-operative Bank?
• How much deposit insurance do I have for my account?
• How are depositors protected against loss?
• Are all banks insured by the Shared Insurance Fund?
• How are the assets of the Shared Insurance Fund invested?
• How does the insurance provided by the Shared Insurance Fund compare to other existing deposit agencies?
• How does Reading Co-operative Bank protect my privacy?
• What is Phishing?
• Can I authorize direct deposits of my payroll check into my checking or savings account?
• Can I authorize direct deposits of my Social Security check into my checking or savings account?
• How do I protect against identify theft?
• What do I do if I am a victim of identity theft?
• How do I switch my accounts to Reading Co-operative Bank?
• When are my deposited funds available to me?
• How do I re-order checks?
• What is the bank’s ABA/routing/transit number?
• How do I contact Reading Co-operative Bank about a question that's not answered on your web site?

Who actually insures deposits in Reading Co-operative Bank?

The Federal Deposit Insurance Corporation (FDIC) used to provide insurance for $100,000. But a recently passed law – effective until 12/31/13 — increased the amount to the first $250,000 per depositor. The Shared Insurance Fund of the Co-operative Central Bank provides total insurance for all remaining balances and interest.

How much deposit insurance do I have for my account?

Every deposit you make at Reading Co-operative Bank is insured in full. This includes deposits and accumulated interest in savings accounts, checking, and interest-bearing transaction accounts, money-market accounts, and certificates of deposit.

How are depositors protected against loss?

Reading Co-operative Bank is regularly examined by Federal and State banking agencies for compliance with safe and sound banking practices. Should financial difficulties arise, the Central Co-operative Bank can assist in restructuring a member bank to regain a sound condition.

Are all banks insured by the Shared Insurance Fund?

No. Only Massachusetts-chartered co-operative banks offer the additional Shared Insurance Fund insurance.

How are the assets of the Shared Insurance Fund invested?

The assets of the Shared Insurance Fund are divided into short-term obligations of the United States Government, federal agencies, certificates of deposit, and certain other secure and conservative investments.

How does the insurance provided by the Shared Insurance Fund compare to other existing deposit agencies?

The deposit insurance provided by the combination of the FDIC and Shared Insurance Fund is the best available. You should be assured that your deposited assets will be INSURED IN FULL for as long as they are in Reading Co-operative Bank.

How does Reading Co-operative Bank protect my privacy?

We take the privacy of your information very seriously, and have developed an extensive Privacy Policy to ensure the safeguarding of your information. To read our Privacy Policy, click HERE. For specific information about security with online banking, click HERE.

Can I authorize direct deposits of my payroll check into my checking or savings account?

Yes. Assuming your employer participates in direct-deposit programs, just open your account at any of our branches. We’ll give you Reading Co-operative Bank’s routing and transit number, which you then provide to your employer’s payroll department. Your direct deposit will usually begin within thirty days.

Can I authorize direct deposits of my Social Security check into my checking or savings account?

Yes.  First, open an account at any of our branches. Then just call the Social Security administration toll-free at 1-800-772-1213. Or you can complete this form at the Social Security website. Your direct deposit will usually begin within thirty days.

Can I wire transfers?

Yes.  You can transfer funds into or out of your accounts via wire transfer or through ACH debits or credits.

How do I protect myself against identity theft?

Identify theft has become a growing problem in recent years.  But there are some easy things you can do to guard against becoming a victim:

• Don’t use your mailbox for outgoing mail, and remove incoming mail promptly.
• Hold on to your receipts when you leave stores, gas stations or ATMs.
• Never provide your social-security number over the phone when you haven’t initiated the call.
• Review your credit-card statements, and make sure you can account for every charge.
• Make a copy of all your credit cards, and keep it in a secure place.
• Keep abreast of scams and issues in the news that relate to this problem.
• Feel free to contact us whenever you need help or more information.

See also “Phishing” below.

What do I do if I am a victim of identity theft?

Contact the police, your credit-card companies and Reading Co-operative Bank immediately.   Call the police and request a report for your records.  Call the Social Security Fraud Hotline: 1-800-269-0271.  Call the three, major credit bureaus to alert them. Ask for a “fraud alert” to be placed on your file and that no new credit be granted without your approval.

• EQUIFAX: 1-800-525-6285
• EXPERIAN: 1-888-397-3742
• TRANS UNION: 1-800-680-7289

What is Phishing?

Phishing is the use of legitimate-looking e-mails and Web sites to try to convince you to provide private information that could be later used for identity theft. In a word, it is a type of fraud.

The e-mail directs the user to visit a Web site. It looks exactly like the real Web site, but it isn’t. The user is then asked to update personal information, such as name, account and credit-card numbers, passwords and social-security numbers. By the time the user realizes what has happened, it’s too late.  All of their accounts and confidential information have been compromised.

Reading Co-operative Bank will NEVER ask you to provide personal information like this over the internet (or telephone).  If you are ever contacted by someone asking for this type of information on behalf of the bank, please contact us immediately.

How do I switch my accounts to Reading Co-operative Bank?

Switching your accounts to Reading Co-operative Banking is very easy.  The easiest way to do this is to download our Switch Kit.  Or you can visit one of our conveniently located branches and request a simple New Account Kit.  We can walk you right through it, if you like, and you’ll be all set up with temporary checks/deposit slips, that day.  If you have any questions or need additional help, please contact us.

When are my deposited funds available to me?

We will make every effort to make your funds available the very same day.  If we receive your deposit after 2:00 p.m., then your deposit will be credited on the next day.  Weekend deposits are available the next business day.  ATM deposits are generally available the next day as well.

How do I re-order checks?

You may reorder checks by mailing us the reorder slip in the last booklet of checks … by ordering contacting us … or by stopping by any of our branches. You can also visit the Deluxe Personal Checks Reorder Page here.

What is the bank’s ABA/routing/transit number?

Our ABA number is 211372404. This number is also called our routing or transit number.  An ABA (American Bankers Association) number is used to identify banks throughout the country.

How do I contact Reading Co-operative Bank about a question that's not answered on your web site?

You can stop by any of our branches during normal business hours. You can also phone us at (781) 942-5000.