Insurance
Deposit Insurance
YOUR FUNDS ARE FULLY INSURED WITH ST. ANNE'S!
St. Anne's Credit Union guarantees the safety and security of its members' deposits. All deposits made at the Credit Union are fully insured by the National Credit Union Association (NCUA) up to $250,000. This includes the principal amount and any accrued dividends up to the insurance limit. If your deposit exceeds $250,000, the Massachusetts Credit Union Share Insurance Corporation (MSIC) will provide additional insurance coverage with no limits.
What is the difference between the Federal Deposit Insurance Corporation (FDIC) and the NCUA?
The NCUA regulates credit unions and insures deposits made at credit unions; the FDIC does the same for banks.
Do I need to change the titling of my accounts if my total deposits exceed $250,000?
It is possible that you may need to change the categorization of your accounts to ensure that they are all insured if your total deposit exceeds $250,000. However, it is important to note that St. Anne's offers both NCUA and MSIC insurance, ensuring that all deposits are fully insured up to 100%.
Is there a cost for NCUA or MSIC insurance?
No. It is just one of the benefits we offer by banking with us.
Is every account eligible for deposit insurance?
ELIGIBLE
Checking Accounts/Share Drafts/Money Market Funds
Negotiable Order of Withdrawal (NOW)/Checking Account
Savings Accounts/Share Accounts
Certificates of Deposit (CDs)/Time Deposits
Money Orders, Cashier's Checks & Other Official Items Issued by a Bank
NOT ELIGIBLE
Treasury Bills and Bonds
Life Insurance and Bonds
Stocks
Mutual Funds
Annuities
Please refer to the table below regarding NCUA coverage limits but be reminded that MSIC deposit insurance covers deposits that exceed NCUA coverage limits, and there are no limits on the coverage provided.
INSURED ACCOUNT CATEGORY | NCUA COVERAGE LIMIT
| 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 owner |
| 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 |
If you have questions related to your specific coverage, please contact us or visit the below links to verify or estimate your coverage.
| SHARE INSURANCE ESTIMATOR | NCUA INSURANCE | MSIC INSURANCE |
|---|
