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Are accounts at the credit union insured by the Federal Deposit Insurance Corp. (FDIC), like banks and thrifts?

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Are accounts at the credit union insured by the Federal Deposit Insurance Corp. (FDIC), like banks and thrifts?

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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