Massachusetts credit unions can now accept deposits above the $250,000 insurance limit under a new law that went into effect last week.
The measure was filed by the Massachusetts Credit Union League and had the backing of the Massachusetts Credit Union Share Insurance Corp., a nonprofit that insures shares and deposits.
"Now Massachusetts state chartered credit unions will have the opportunity to meet the savings needs of all of their members," said Daniel F. Egan Jr., president/CEO of the league. "And those members will be free to make a choice as to where they would like to save without being subject to an arbitrary and outdated limit."
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