Deposit Security

As a not-for-profit credit union, Workers’ source of deposits comes from our members – the working families, individuals, and small businesses in our area. Those funds are fully insured by the NCUA and MSIC. For more than 100 years we’ve been putting those funds to work making personal loans, mortgages, and small business loans to our members and investing in our communities to make them stronger.  

FAQs

  • How are members' funds insured at Workers Credit Union?
    • As a member of Workers Credit Union, your funds are insured by the National Credit Union Association (NCUA) and the Massachusetts Credit Union Share Insurance Corporation (MSIC). Deposits up to $250,000 are insured by NCUA and amounts above that are insured by MSIC. 
  • Do I need to do anything?
    • No. Your deposits are fully insured at Workers Credit Union and there is nothing you need to do. We’ve got you.
    • What is the NCUA?
      • The National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
    • What is the MSIC?
      • Massachusetts Credit Union Share Insurance Corporation serves both state and federal credit unions in Massachusetts and provides deposit protection. It fully insures excess shares and deposits above the federal insurance limit of $250,000 at ALL of its member credit unions.
    • Is Workers a safe place for my money?
      • Yes. WCU is one of the highest capitalized financial institutions in the Northeast and we have no uninsured deposits. Workers balance sheet is managed with the highest integrity. The majority of our investments are made in our members and communities.
      • How is Workers Credit Union's business model different than banks like SVB or Signature Bank?
        • At Workers Credit Union the source of our deposits are our members – the working families, individuals, and small businesses in our area. We invest those deposits making loans to our members and manage our portfolio with the highest level of integrity.
        • What is Workers Credit Union's Investment policy?
          • As a not-for-profit credit union, the majority of our assets are invested in loans to our members, unlike a for-profit bank whose purpose is to maximize shareholder returns. That is also why we are able to offer higher deposit rates than traditional banks. Deposits in excess of those currently used for loans are invested according to strict policies designed to minimize financial risk to the credit union and our members.