The Board of Directors of Coastal New England Federal Credit Union (Coastal New England FCU), New Bedford, Massachusetts hereby announces the cancellation of its excess share insurance coverage provided by the Massachusetts Credit Union Share Insurance Corporation (MSIC). As a result, all Coastal New England deposits accounts that are open as of the date that Coastal New England FCU’s merger with Taunton Federal Credit Union is finalized, other than certificates of deposit (CDs) or other term deposit accounts, will continue to be insured under the MSIC excess share and deposit insurance system until one year following the finalization date of the merger.
Deposits that exceed the federal National Credit Union Administration’s (NCUA) National Credit Union Share Insurance Fund (NCUSIF) insurance amounts that are held in CDs or other term deposit accounts, less any amounts thereafter withdrawn which reduce an account below the amount covered by MSIC insurance, shall continue to be insured by MSIC for the term of such deposit account.
After 3/30/22, your deposit accounts will continue to be federally insured by the NCUA up to the standard limit of $250,000 per member for individual accounts and a member’s interest in all joint accounts combined is insured by the NCUA up to $250,000 per member.
Any members with questions on the coverage of their accounts should call (508) 993-0011 or email tdechaine@cnefcu.org.