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	NOT ELIGIBLE
Checking Accounts/Share Drafts/Money Market Funds	Treasury Bills and Bonds
Negotiable Order of Withdrawal (NOW)/Checking Account	Life Insurance and Bonds
Savings Accounts/Share Accounts	Stocks
Certificates of Deposit (CDs)/Time Deposits	Mutual Funds
Money Orders, Cashier's Checks & Other Official Items Issued by a Bank	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
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