Maximize Your Federal Share Insurance Coverage Up To $250,000
Credit unions insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA), are protected by federal deposit insurance. NCUA is an independent agency of the United States government.
Share accounts in federally insured credit unions are insured up to $250,000 – just as with FDIC coverage at banks. Generally, if a credit union member has more than one individual account in the same insured credit union, those accounts are added together and are insured up to $250,000.
However, shares maintained in different legal ownership capacities may each be separately insured, which means that you may be able to keep substantially more funds at the credit union – conveniently and safely – and still have every dollar protected by federal insurance. The examples on page 8 show some of the account combinations that can maximize your insurance coverage at your credit union.
Yes. Most credit union members will be concerned with four types of accounts. Each type of account receives insurance coverage separate from other accounts at the credit union. To determine how your accounts are covered, add up all account balances within each type and check if they are at or below the maximum coverage amounts listed.
Your credit union is ready to help you achieve maximum NCUA insurance coverage for your particular situation. We can show you how to maximize your coverage through various types of ownership and other means. Another helpful resource is the interactive NCUA Share Insurance Calculator at http://webapps.ncua.gov/ins.
Credit union members can maximize their NCUA insurance coverage through various account ownership methods. We can help you get the maximum amount of insurance coverage that you are eligible for.
The cost for this important credit union benefit is borne by credit unions. Your shares and savings are not only insured by this federal fund – the fund is also backed by the full faith and credit of the United States government. In fact, not one penny of insured savings has ever been lost by a member of a federally insured credit union.
Yes. If a member has accounts in several different insured credit unions, the maximum of $250,000 is applicable to share accounts in each insured credit union. In the case of a credit union having one or more branches, the main office and all branch offices are considered as one credit union.
Yes. Business accounts are insured up to $250,000 by the NCUA. Additionally, business accounts are insured separately from the business owners’ individual accounts at the credit union. Therefore, a business owner could have an individual account insured up to $250,000, as well as a business account insured up to $250,000 at the credit union. Note: The business must be engaged in independent activity to receive separate insurance coverage (i.e. the business cannot be set up solely to increase a member’s share insurance coverage).
Start by going to the NCUA Web site at www.ncua.gov to find publications as well as the Share Insurance Calculator, an interactive tool allowing you to get a summary of your NCUA coverage. Or contact NCUA’s Consumer Assistance Center between 8 a.m. and 6 p.m. (ET) at 1-800-755-1030 and press 1 for more share insurance information.