Customer Service
Frequently Asked Questions
Who owns the Norwood Bank and is it part of the other cooperative banks?
Norwood Bank, legally known as Norwood Cooperative Bank, is mutually owned, which means it is owned by its depositors. We operate independently and are not part of other cooperative banks.
Are my deposits fully insured?
Yes. FDIC insures each depositor to $100,000 and the Cooperative Central Bank Share Insurance Fund (SIF) insures all additional deposits. All deposits, including accumulated interest, are insured in full without restriction. There are no maximum account limitations or amount limitations.
Do you accept "Out Of State" deposits?
No. As a local community bank we accept most of our deposits from the Norfolk County area.
Can I purchase foreign currency at the bank?
Yes, you can order foreign currency from our main office in most currency denominations. It generally takes 24 to 48 hours after you have placed your order with us for the currency to arrive at the bank.
Is the interest on a Home Equity Line tax deductible?
In most cases it is, but you should always double check with your accountant or tax advisor. Want more information on equity loans? Click here.
Do I get any advantages as a "First Time Homebuyer"?
Yes. Our first time homebuyer program offers a rate reduction, reduced closing costs and relaxed qualifying guidelines. Click here for more information.
If the bank pays my real estate taxes, should I send my bill to the bank after I receive it from the town?
No, it is not necessary for you to send us your bill. We utilize a tax service company that supplies us copies of all real estate tax bills.
What information do I need to send a wire to Norwood Bank?
The wire instructions for Norwood Bank are as follows:Norwood Cooperative Bank
ABA #211371285
Short Name: NORWOOD COOP BK
Address: 11 Central Street Norwood, MA 02062
Beneficiary Name & Account number
We've addressed some of the common questions our customers have about the bank and our products and services. If you don't find the answer you are looking for, please contact us at any time at webmail@norwoodbank.com or by calling 781-762-1800.
