In Massachusetts, banks who are members of the DIF (Deposit Insurance Fund) provide their customers full insurance on deposits and accrued interest without limit or exception, with the FDIC insuring each depositor to at least $250,000 and the DIF insuring any amount above the FDIC insurance amount. Additionally, credit unions in Massachusetts that are members of the MSIC (Massachusetts Credit Union Share Insurance Corporation) fully insure excess shares and deposits above the NCUA federal insurance limit of $250,000 for all members. Few states have similar organizations, but some financial institutions nationwide have partnered with other private insurers that provide customers additional deposit insurance coverage. |