All City of Boston share accounts, including regular Shares (Primary Savings), Share Drafts (Checking), Money Market Accounts, and Share Certificates, are federally insured by the National Credit Union Share Insurance Fund (NCUSIF).
NCUSIF is operated by the National Credit Union Administration (NCUA), a federal government agency that charters and supervises federal credit unions. NCUSIF provides all members of insured credit unions with $250,000 in coverage for their individual accounts. For more information about the NCUA and the NCUSIF please click here.
City of Boston Credit Union also maintains excess share and deposit insurance through Massachusetts Share Insurance Corporation (MSIC), fully insuring deposits in excess of the NCUA limits. For more information about MSIC insurance visit msic.org.
Members do not pay directly for Share Insurance protection. City of Boston Credit Union pays into the NCUSIF a deposit based on the total amount of insured shares in the Credit Union and based upon the excess Share Coverage into MSIC.