Your Funds are Safe!
The recent struggles of some financial institution may have you wondering if your money is safe in your Credit Union. We’re pleased to say, absolutely!
First Priority is a place where members can feel confident knowing that their money will be there when they need it. The National Credit Union Administration (NCUA) is the federal government agency that charters and supervises credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), which is similar to the FDIC that insures banks. The funds in your credit union are insured by the NCUSIF, which is backed by the full faith and credit of the United States Government.
The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their individual accounts. These accounts include regular shares, share drafts (checking accounts), money market accounts and share certificates. Individuals with account balances totaling $250,000 or less at the same insured credit union have full NCUSIF coverage.
You can be assured that if your account has more than the federal limits you’ll be covered too. First Priority provides additional insurance through the Massachusetts Credit Union Share Insurance Corporation (MSIC) which provides additional deposit insurance to First Priority Members up to the following thresholds(see notes 1 -5 below):
Single Accounts (accounts with one name): $600,000
Joint Accounts (accounts with tow or more names): $1,200,000
Organizational Accounts: $1,200,000
Club Accounts: $10,000
IRA Accounts: unlimited
Not one cent of insured savings has ever been lost by a member of a federally insured credit union. So, you can rest easy that your accounts are First Priority Credit Union are fully insured and safe.
1. The above account type limits represent aggregate totals of all individual member accounts, in the categories listed.
2. Account coverages by type can be aggregated. For example, in a credit union which has over $30 million in total assets, a husband and wife could have single and joint accounts of $2,400,000 (husband and wife each have single accounts of $600,000 each and together they have a joint account of $1,200,000).
3. Accumulated interest or dividends are insured in addition to the above limits.
4. The primary insurer (NCUSIF) insures the first $100,000 of the above deposit limitations. However, retirement accounts now carry $250,000 in primary deposit insurance from the NCUSIF.
For specific primary insurance coverages, see NCUA booklet "Your Insured Funds."
5. IRA Accounts are unlimited and in addition to any other account coverages.
Limitations are included in Massachusetts General Laws, Chapter 171, Sections 30, 31 and 35. The applicability of these limits to federally chartered credit unions is contained within Massachusetts General Laws, Chapter 115 of the Acts of 1996 and are effective on April 30, 1998.
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