NEW YORK (8/6/08)--Massachusetts may be the only state in the nation that offers unlimited deposit protection, and state-chartered credit unions and banks there have been "inundated with inquiries from new and existing clients," reports The Wall Street Journal. The financial institutions in Massachusetts provide members/customers with unlimited coverage on their accounts, no matter the size or structure, the article says (Aug. 5). The coverage also applies to consumers who live outside the state but do their banking there. In the 1930s, the state opted out of coverage by the Federal Deposit Insurance Corp. (FDIC) and established its own insurance agencies: the Share Insurance Fund for cooperative banks, the Depositors Insurance Fund for savings banks, and the Massachusetts Credit Union Share Insurance Corp. for credit unions, the article said. Later, they added the federal coverage. The existing state insurance agencies began covering what the federal agencies didn't. The newspaper said that although the National Credit Union Share Insurance Fund protects up to $100,000 per account for a single accountholder, the state deposit insurance provides various levels of excess insurance for deposits beyond the federal limit. The Wall Street Journal notes that accounts in other states can be structured so they protect more than the guaranteed $100,000 by opening a joint account, an individual retirement account or a revocable trust.