MSIC fully insures ALL excess shares and deposits above the federal insurance limit of $250,000 at ALL of its member credit unions.
Excess Share and Deposit Insurance from MSIC provides credit unions an extra layer of deposit insurance coverage. Balances above the federal limit, currently $250,000, carry additional deposit insurance through MSIC. With Excess Share and Deposit insurance, credit union consumers can deposit large balances without needing to worry about diversification.
A home sale, an inheritance, the sale of a business – any of these events could quickly increase a depositor’s balance well above the $250,000 mark. Excess Deposit Insurance provides safety, simplicity and convenience to depositors, at no direct cost to the individual credit union consumer.
Offering Excess Deposit Insurance provides member credit union consumers with the promise of security and convenience, and offers MSIC’s credit union members a unique marketing opportunity and new source of liquidity.
By joining MSIC, member credit unions are provided with additional protection they can’t find with federally insured banks and establishes the credit union as the consumers’ primary financial institution, without the need to diversify funds for deposit insurance protection. MSIC insurance is an added protection that provides both convenience and peace of mind for consumers, while providing an edge in competing for deposits for its member credit unions.
Excess Deposit Insurance provides two unique benefits to a credit union that a consumer cannot find with national banks or internet outlets:
1. Without excess deposit coverage, a consumer may need to deposit money at different financial institutions to ensure protection of these important funds. Excess coverage allows its credit union members to offer the convenience of one account, one statement with safety. In today’s complicated world, convenience is a necessity.
2. MSIC insurance is not available at national banks or internet outlets. The protection of Excess Share and Deposit Insurance sets its member credit unions apart from other financial institutions.
MSIC develops and offers its members world-class conferences, meetings, sessions and a variety of educational programs designed to benefit the MSIC membership and to foster collaboration. Whether its members are looking to educate its entire team, or engage its board, MSIC addresses todays most pressing credit union topics, interests and concerns, in person at its new training and conference center, or virtually.
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