NCUA | MSIC
Your Funds, Fully Insured!
Is Metro Credit Union insured by the FDIC?
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. This mean your deposits are insured 100% at any amount, with no limits.
- National Credit Union Association (NCUA)
- Insures deposits up to $250,000
- Federal government insurance programs
- Massachusetts Shared Insured Corporation (MSIC)
- Insures deposits over $250,000
- State excess insurance program 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).
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.
Deposit Insurance FAQs
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 qualify for deposit insurance?
| Qualifying Deposit Accounts | Non Qualifying Deposit Accounts |
| Checking Accounts/Share Drafts/Money Market Checking Funds | 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 | Annuities |
| Cashier's Checks, Money Orders & Other Official Items Issued by a Bank |
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 owner
Married couple 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
Married couple 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
Married couple 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
Married couple 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
Learn more:
- MyCreditUnion.gov - Additional information on NCUA share insurance coverage for consumers
- NCUA’s Share Insurance Estimator - Calculate the amount of insured funds at a credit union using The Estimator.
- MSIC Coverage