Deposit Insurance

NCUA

Your deposits are now insured for up to $250,000 per account owner.

Freedom Credit Union is insured by the National Credit Union Administration (NCUA).  The NCUA federally insures deposit dollars for up to $250,000 for individual accounts and $250,000 per account owner for joint accounts.  Deposits at Freedom Credit Union are fully insured to the legally permissible deposit limit allowed by Massachusetts regulations.  There are no deposit limits on IRAs.  For more information about the NCUA, please visit www.ncua.gov.

**Notice of Changes in Temporary NCUA Insurance Coverage for Transaction Accounts:

In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, through December 31, 2012, all funds in "noninterest-bearing transaction accounts" are insured in full by the National Credit Union Administration.  This unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 to members under the NCUA's general share insurance rules.

The term "noninterest-bearing transaction account" includes a traditional share draft account (or demand deposit account) on whice the insured credit union pays no dividend.  It does not include any transaction account that may earn dividends, such as a negotiable order of withdrawal ("NOW") account, money market account, or Interest on Lawyers Trust Account ("IOLTA"), eve if share drafts may be drawn on the account.

The temporary full insurance coverage of "noninterest-bearing transaction accounts" expires on December 31, 2012.  After December 31, 2012, funds in "noninterest-bearing transaction accounts" will be insured under the NCUA's general share insurance rules, subject to the Standard Maximum Share Insurance amount of $250,000.


MSIC NOW FULLY INSURES ALL EXCESS SHARE AND DEPOSITS

New Law Removes Deposit Caps for State Chartered Credit Unions.

Freedom Credit Union is a member of the Massachusetts Credit Union Share Insurance Corporation (MSIC).  The MSIC now fully insures excess shares and deposits above the federal limit of $250,000 at ALL member credit unions.  To learn more about the MSIC, visit www.msic.org.