We are federally insured so you can feel safer and more secure with Salem Seaport. Maybe you’ve noticed the logos you see at the bottom of our communications pieces. Maybe not. Regardless, we want you to know we belong to and are protected by the National Credit Union Administration and the Massachusetts Credit Union Share Insurance Corporation. Which means you are, too.
National Credit Union Administration (NCUA)—NCUA is the independent federal agency that regulates, charters and supervises federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of more than 91 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
NCUA protects the money you have in Salem Seaport up to $250,000, same as the FDIC protects money in a bank account. The mission of the NCUA is to facilitate the availability of credit union services to all eligible consumers, especially those of modest means, through a safe and sound credit union system.
Massachusetts Credit Union Share Insurance Corporation (MSIC)— MSIC is a member-owned not-for-profit organization whose mission 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. In fact, MSIC is the first insurance company in the nation to provide deposit insurance protection to credit union members, and the Corporation’s reserves consistently exceed the standards required by Massachusetts law.
MSIC fully insures your excess shares and deposits above the $250,000 NCUSIF limit. No member of an MSIC-insured credit union has ever lost a penny of savings.