BOSTON - (07/29/04) The Massachusetts Senate lastweek approved a bill to increase the cap on an individualsdeposits in a state chartered credit union, sending the measure onfor the governors signature. The bill will increase thedecades-old ceiling of $250,000 per individual for a single creditunion to up to $500,000 for credit unions between $4 million and$30 million, and to $600,000 for credit unions over $30 million.The $250,000 cap will remain for credit unions under $4 million.The bill will also erase the states 6% ceiling on dividendrates, leaving it to the discretion of each creditunion.
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