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Protected Deposits


Your deposits in SCU are insured to comply with Massachusetts state law. How does that protection operate?

What is the limit of federal insurance?
$250,000 per member.

What about insurance for funds in excess of NCUA coverage?
Those funds are also insured. The Massachusetts Share Insurance Corporation (MSIC), a private agency, provides the protection.

Which agency provides the federal insurance?
The National Credit Union Administration (NCUA), a federal agency, provides the insurance and requires member financial institutions, such as SCU, to meet strict standards.

How are those standards enforced?
The NCUA conducts periodic audits of SCU's books and may perform unannounced audits. The State Banking Commissioner and the enforcement office of the Community Reinvestment Act also audit the books. The CRA checks the extent to which we meet the credit needs of our local communities. Internal reviews and external audits by a certified public accounting firm are also done.

Does a depositor have to apply for or request deposit insurance?
No, it is provided automatically.

Who pays the deposit insurance premiums?
SCU pays the premium.


Brochures describing all of the details of NCUA and MSIC protection are available at any SCU location.