Your Deposits Are Fully Insured!
Our members benefit from deposits being federally insured by the NCUA. Credit unions are insured by NCUA and banks are insured by FDIC.
If members have more than $250,000 on deposit, those amounts are insured through MSIC. This means your deposits are insured 100% at any amount, with no limits.
National Credit Union Association (NCUA)
- Insures deposits up to $250,000
- Federal government insurance programs
Massachusetts Shared Insured Corporation (MSIC)
- Insures deposits over $250,000
- State excess insurance program with no limits
What is the difference between the FDIC and the NCUA?
The NCUA regulates credit unions and insures deposits made at credit unions; the Federal Deposit Insurance Corporation, or FDIC does the same for banks. The FDIC’s mission is very similar to that of the NCUA; they do the same thing the only real difference is the type of financial institution holding the insured deposits (credit union or bank).