With all the recent media speculation about the banking industry, we want our customers to know that your deposits are safe at Milford Federal Savings and Loan Association. Milford Federal has been a trusted name in banking since 1887 and continues to provide stable financial products and services to the community.

Customer deposits at Milford Federal are insured by the Federal Deposit Insurance Corp (FDIC). On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor. Depending on your accounts and their ownership status, the FDIC may provide additional insurance. To learn more about how your deposits are insured, click here to be directed to the FDIC’s Electronic Deposit Insurance Estimator, or EDIE.

IMPORTANT CHANGES TO THE TEMPORARY LIQUIDITY GUARANTEE PROGRAM: Milford Federal Savings and Loan Association has been participating in the FDIC’s Transaction Account Guarantee Program. After December 31, 2009, funds held in noninterest-bearing accounts will no longer be guaranteed in full under the Transaction Account Guarantee program, but will be insured up to $250,000 under the FDIC’s general deposit rules.

Read an information sheet on the increased coverage. http://www.fdic.gov/deposit/deposits/IDfactsheet.pdf