Share Deposit Insurance Info
NCUA & MSIC SHARE INSURANCE PROTECTION
The National Credit Union Share Insurance Fund (NCUSIF) is the federal fund created by Congress to insure member's deposits in federally insured credit unions. Southern Mass Credit Union member’s deposits are insured to at least $250,000 by the National Credit Union Share Insurance Fund (NCUA), a federal insurance fund backed by the full faith and credit of the U.S. Government.
And, Southern Mass Credit Union member accounts are fully insured over the $250,000 federal limit by the Massachusetts Credit Union Share Insurance Corporation (MSIC), visit www.msic.org
NCUA INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
The term “noninterest-bearing transaction account” includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal (“NOW”) account, money-market deposit account and Interest on Lawyers Trust Account (‘IOLTA”), even if share drafts may be drawn on the account.
For more information about NCUA insurance coverage of transaction accounts, visit www.ncua.gov.