While the FDIC is centered around Banks and Trusts, credit unions are insured by the National Credit Union Administration (NCUA) instead. Both institutions insure accounts up to $250,000. The difference is that the NCUA covers regular shares and share draft accounts which are specific to credit unions and the $250,000 coverage limit applies to total deposits at a single institution.
Since we are a state-chartered credit union, accounts with more than $250,000 are additionally insured by the Massachusetts Credit Union Share Insurance Corporation (MSIC).
For more information about the NCUA, see the Insured Funds Brochure on CreditUnion.gov.
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