Your Savings is 100% Insured

There's a lot of uncertainty in today's world, but one thing you can be certain of is that your savings is safe and secure with Metro.

Deposits at Metro Credit Union are fully insured 100% through two levels of insurance Credit union members have never lost a penny of insured savings at a federally insured credit union. 

MSIC now insures $1.3 billion in excess share and deposits; and at 4.72%, MSIC Insurance Fund coverage is the highest of all deposit insurers in the nation.

Learn more: Deposit Insurance FAQs

Are your deposits insured in a credit union?

Metro Credit Union members benefit from deposits being federally insured by the NCUA; if members have more than $250,000 on deposit, those amounts are insured through MSIC.
 
Metro has both NCUA and MSIC so deposits are insured 100% at any amount, with no limits.
 
What is the difference between the FDIC and the NCUA?
The NCUA regulates credit unions and insures deposits made at credit unions; the Federal Deposit Insurance Corporation, or FDIC does the same for banks.  The FDIC’s mission is very similar to that of the NCUA; they do the same thing the only real difference is the type of financial institution holding the insured deposits (credit union or bank). 
 
Is NCUA Insurance per account?
NCUA insurance covers members' accounts at each federally insured credit union, dollar-for-dollar, including principal and any accrued dividend through the date of the insured credit union's closing, up to the insurance limit.
 
If I have more than $250,000 on deposit, do I need to title my accounts differently so that they are all insured?  
In some cases, you might do that depending on how your accounts are categorized, however at Metro since we offer both NCUA and MSIC insurance all deposits are insured 100%.
 
How much does MSIC insurance cost?
There is no additional cost to you for this coverage.

Does every account quality for deposit insurance?
Qualifying Deposit Accounts Non Qualifying Deposit Accounts
Checking Accounts/Share Drafts  Stocks, Mutual Funds
Savings Accounts/Share Accounts Treasury Bills and Bonds
Negotiable Order of Withdrawal (NOW)/Checking Account Life Insurance and Bonds
Certificates of Deposit (CDs)/Time Deposits Money Market Funds
Cashier's Checks, Money Orders & Other Official Items Issued by a Bank Annuities

How does deposit insurance coverage apply to different categories of accounts?
 
MSIC insurance goes beyond NCUA insurance, to cover deposits in excess of $250,000 without limits.  Even though all of your deposits are 100% insured through the combination of both NCUA and MSIC, if you are concerned about how NCUA insurance coverage applies, the table below summarizes the account categories for insured and applicable NCUA coverage amounts.  
 
Massachusetts deposits in excess of NCUA coverage limits are covered by MSIC excess deposit insurance, with no limits. 
Insured Account Category NCUA Coverage Limit
Single ownership accounts (owned by one person) $250,000 per owner
Joint ownership accounts (owner by two or more persons) $250,000 per co-owner
Certain retirement accounts (e.g., traditional IRAs, Roth IRAs, 401k plans, KEOGH plans) $250,000 per owner
Revocable Trust Accounts (e.g., Living/Family Trust accounts, Payable on Death (POD) accounts, In Trust For (ITF) accounts) $250,000 per owner, per Unique Beneficiary
Corporation/Partnership/Unincorporated Association Accounts $250,000 per Corporation/Partnership/Unincorporated Association
Irrevocable Trust Accounts $250,000 for the Non-contingent Interest of Each Unique Beneficiary
Employee Benefit Plan Accounts $250,000 for the Non-contingent Interest of Each Plan Participant
Government Accounts (accounts owned by federal, state, local or Indian tribe governments) $250,000 per Official Custodian

Deposit Insurance Examples
Single account owner with the following accounts and balances:
$50,000 in checking - $25,000 in savings - $150,000 in CD
Total deposits = $225,000
  • Account owner will receive $50,000 in NCUA coverage for the checking account, $25,000 in NCUA coverage for the savings account and $150,000 in NCUA coverage for the CD
  • Total insurance coverage = $225,000
 
Single account owner with the following accounts and balances:
$50,000 in checking - $10,000 in checking - $75,000 in savings - $55,000 in CD
Total deposits = $190,000
  • Account owner will receive $50,000 in NCUA coverage for the first checking account, $10,000 in NCUA coverage for the second checking account, $75,000 in NCUA coverage for the savings account and $55,000 in NCUA coverage for the CD
  • Total insurance coverage = $190,000
 
Joint account (husband/wife) owner with the following accounts and balances:
$10,000 in husband’s checking account - $50,000 in joint savings account - $25,000 in husband’s IRA CD - $35,000 in wife’s IRA CD
Total deposits = $120,000
  • Husband will receive $10,000 NCUA coverage for his checking account  and $25,000 in NCUA coverage for his IRA
  • Husband and wife will jointly receive $50,000 NCUA coverage for their savings account
  • Wife will receive $35,000 in NCUA coverage for her IRA
  • Total insurance coverage = $120,000
Multiple accounts (husband/wife) with the following accounts and balances:
$20,000 in husband’s checking account - $15,000 in wife’s checking account - $100,000 in joint savings account - $100,000 in husband’s IRA CD - $100,000 in wife’s IRA CD
Total deposits = $335,000
  • Husband will receive $20,000 in NCUA coverage for his checking account and $100,000 in NCUA coverage for his IRA
  • Husband and wife jointly will receive $100,000 in NCUA coverage for their savings account
  • Wife will receive $15,000 in NCUA coverage for her checking account and $100,000 in NCUA coverage for her IRA
  • Total insurance coverage = $335,000
 
Multiple accounts (husband/wife) with the following accounts and balances:

$25,000 in husband’s checking account - $20,000 in wife’s checking account - $100,000 in joint savings account - $100,000 in joint CD - $100,000 in husband’s IRA CD - $100,000 in wife’s IRA CD

Total deposits = $445,000
  • Husband will receive $25,000 in NCUA coverage for his checking account and $100,000 in NCUA coverage for his IRA
  • Husband and wife jointly will receive $100,000 in NCUA coverage for their savings account and $100,000 in NCUA coverage for their CD
  • Wife will receive $20,000 in NCUA coverage for her checking account and $100,000 in NCUA coverage for her IRA
  • Total insurance coverage = $445,000
 
Multiple accounts (husband/wife) with the following accounts and balances:

$75,000 in joint checking account - $100,000 in joint savings account - $750,000 in joint CDs - $100,000 in husband’s IRA CD - $100,000 in wife’s IRA CD

Total deposits = $1,125,000
  • Husband will receive $100,000 in NCUA coverage for his IRA
  • Wife will receive $100,000 in NCUA coverage for her IRA
  • Husband and wife jointly will receive $75,000 in NCUA coverage for their checking account, $100,000 in NCUA coverage for their saving account and $500,000 in NCUA coverage + $250,000 in MSIC coverage for their CDs
  • Total insurance coverage = $1,125,000