Yes, in certain scenarios, business customers may qualify for additional insurance through an optional service which provides multimillion-dollar FDIC insurance by spreading deposits across a network of thousands of banks, while maintaining a single banking relationship at Needham Bank.
In the meantime, you can estimate your potential coverage by using the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at www.fdic.gov/edie (Opens in new tab). Once the merger is finalized, Needham Bank representatives will be available to answer your questions and help review your options.