MSIC Insurance Coverage

History of MSIC

The Massachusetts Credit Union Share Insurance Corporation (MSIC) was established by a Special Act of the Massachusetts Legislature in 1961. A member owned, not for profit organization, MSIC’s mission is to promote and strengthen the credit union movement by providing excess share and deposit insurance and associated services for credit unions and their members while preserving the integrity of the insurance fund.

MSIC was the first insurance company in the nation to provide deposit insurance protection to credit union members. MSIC fully insures balances above the federal deposit insurance provided by the National Credit Union Association (NCUA), generally balances above $250,000.

Backing MSIC’s insurance is the strength of our members and the insurance fund which is invested in highly rated and marketable securities. The Corporation’s reserves consistently exceed the standards required by Massachusetts Commissioner of Banks supervises MSIC’s activities and a major accounting firm audits MSIC’s financial statements annually.

Excess Insurance

Excess Share and Deposit Insurance from MSIC provides credit unions an extra layer of deposit insurance coverage. Balances above the federal limit, currently $250,000, carry additional deposit insurance through MSIC, up to certain thresholds. With Excess Share and Deposit insurance, credit union members can deposit large balances without needing to worry about diversification.

A home sale, an inheritance, the sale of a business – any of these events could quickly increase a depositor's balance well above the $250,000 mark. Excess Deposit Insurance provides safety, simplicity and convenience to depositors, at no direct cost to the individual credit union member.

Why Excess?

Safety, Simplicity, Convenience

Protecting savings with the highest level of security available is the reason that credit unions have chosen to provide additional insurance coverage with Excess Share and Deposit Insurance. This additional insurance provides depositors with safety, simplicity and convenience – all without any direct cost to the member.

Rest easy knowing your funds are insured by MSIC. Since 1961, MSIC has been insuring funds at credit unions across the Commonwealth. During that time, no credit union member has ever lost even a penny of their savings.

Trying to make sure all your funds are insured can be complicated. Needing joint and organizational accounts to cover your account is a hassle and headache, with extra stress added from extra people on the account. Excess Insurance eliminates the stress of structuring accounts to ensure deposit protection by providing full protection, without the headaches.

Spreading accounts at multiple institutions for deposit insurance protection is an administrative nightmare. With Excess Insurance, all your funds can be protected in one place, keeping you from running around town every time you want to make a withdrawal

For more information about MSIC insurance coverage, view the MSIC brochure (PDF).