What's MSIC?

9/21/2017 |

Category: Helpful Information

What's MSIC?

MSIC stands for Massachusetts Credit Union Share Insurance Corporation, and as members of this organization, Premier Source Credit Union can offer our members more security when it comes to their money. MSIC fully insures all shares and deposits above the federal insurance limit of $250,000.

What Does This Mean?

Bank accounts are insured up to $250,000 through the Federal Deposit Insurance Corporation (FDIC), and although credit unions are different than banks, that doesn’t mean your money isn’t insured. Credit union accounts are insured with the National Credit Union Administration’s (NCUA) National Credit Union Share Insurance Fund.

There are occasions where your balance could exceed $250,000, and the excess share and deposit insurance from MSIC provides an extra layer of deposit insurance coverage. Credit unions members can deposit large balances without having to diversify funds. As a member of Premier Source, you can be assured that your money is safe.

So What is MSIC?

The mission statement of MSIC is to promote and strengthen the credit union movement by providing excess share and deposit insurance and associated services for credit unions and their members while preserving the integrity of the fund. The state of Massachusetts requires excess deposit insurance protection for customers of cooperative and savings banks and members of state chartered credit unions. You have the extra protection and security of MSIC by banking with Premier Source.

If you have any questions about MSIC and how your money is safe at Premier Source Credit Union, stop into one of our branches in East Longmeadow and Springfield.

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