Massachusetts Deposit Bill On Way ToGovernor

BOSTON - (07/29/04) – The Massachusetts Senate lastweek approved a bill to increase the cap on an individual’sdeposits in a state chartered credit union, sending the measure onfor the governor’s 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 state’s 6% ceiling on dividendrates, leaving it to the discretion of each creditunion.