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To determine your insurance coverage, please select an institution from the list below. The asset size and charter type of each institution provide different amounts of deposit insurance coverage.
New England Teamsters Federal Credit Union
Based on the asset size of the credit union, different coverage is available. Generally accounts are insured by the NCUSIF up to $250,000 per insured depositor, IRA Accounts also provide $250,000. MSIC provides additional deposit insurance to credit union members up to the following thresholds: Single Accounts:
Accounts with one name:
Savings, Checkings, CD's, etc.
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$600,000 |  |
Joint Accounts:
Accounts with two or more names:
Savings, Checkings, CD's, etc.
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$1,200,000 | |
Organization Accounts:
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$1,200,000 | |
Club Accounts:
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$10,000 | |
IRA Accounts:
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unlimited |
1. The above account type limits represent aggregate totals of all individual member accounts, in the categories listed.
2. Account coverages by type can be aggregated. For example, in a credit union which has over $30 million in total assets, a husband and wife could have single and joint accounts of $2,400,000 (husband and wife each have single accounts of $600,000 each and together they have a joint account of $1,200,000).
3. Accumulated interest or dividends are insured in addition to the above limits.
4. The primary insurer (NCUSIF) insures the first $250,000 of the above deposit limitations. Retirement accounts now carry $250,000 in primary deposit insurance from the NCUSIF. For specific primary insurance coverages, see NCUA booklet "Your Insured Funds". Limitations are included in Massachusetts General Laws, Chapter 171, Sections 30, 31 and 35. The applicability of these limits to federally chartered credit unions is contained within Massachusetts General Laws, Chapter 115 of the Acts of 1996 and are effective on April 30, 1998.
5. IRA Accounts are unlimited and in addition to any other account coverages.
6. The Helping Families Save Their Homes Act of 2009, signed into law on May 20, 2009, continued an increased level of NCUA insurance coverage on all accounts of up to $250,000 through December 31, 2013. MSIC continues to insure shares and deposits in excess of the NCUA limits up to the limits set by Massachusetts law.
For additional information on specific account coverages, contact us at info@msic.org.
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