For more information on deposit insurance, read the descriptions below or click on the links provided, which will take you to the NCUA and MSIC Web Site.
 Your Deposits are Insured

October 9, 2008: A Message from Our President and CEO

All deposit accounts at Jeanne D'Arc Credit Union are insured. The National Credit Union Administration (NCUA) provides insurance up to a certain amount and Jeanne D'Arc Credit Union gives you added insurance through the Massachusetts Share Insurance Corporation (MSIC), which covers deposits in excess of the NCUA limitations.

NCUA
Your shares are insured by the National Credit Union Share Insurance Fund (NCUSIF), which like the FDIC's Insurance Fund, is a federal insurance fund backed by the full faith and credit of the United States Government. The National Credit Union Administration (NCUA) is the federal agency that administers the NCUSIF. NCUSIF insurance provides up to $250,000 of coverage per the sum total of all of your accounts (share draft checking, savings, certificate of deposit) deposits held in the same type of ownership (e.g. individual, joint, organizational, IRA). Therefore it is possible to have over $250,000 on deposit and still be fully insured as the NCUA calculates deposit insurance based on the type of ownership ("right and capacity") in which funds are owned. Any time there is a change in relationship within a family, such as a birth, death or divorce, the deposit insurance coverage of your accounts may be affected.

MSIC
Your shares that exceed the NCUA’s $250,000 limits are insured by the Massachusetts Share Insurance Corporation (MSIC) up to $600,000 for individual accounts, $1,200,000 for joint accounts, $1,200,000 for organizational accounts, and an unlimited amount for IRA accounts. MSIC provides this coverage per the sum total of all of your accounts (share draft checking, savings, certificate of deposit) deposits held in the same type of ownership (e.g. individual, joint, organizational, IRA). Therefore it is possible to have over $600,000 on deposit and still be fully insured as MSIC calculates deposit insurance based on the type of ownership ("right and capacity") in which funds are owned. The Massachusetts Share Insurance Corporation was organized in 1961 for the purpose of maintaining a fund for the insurance of shares and deposits of members of the credit unions doing business in the state. MSIC's authority to act is controlled by the Massachusetts Legislature. Its activities are supervised by the State Commissioner of Banks. MSIC insurance is backed solely by its own assets.