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).