The United States Government has recently
announced an increase in the amount of
insurance coverage provided by the
National Credit Union Share Insurance Fund
(NCUSIF), from the National Credit Union
Administration (NCUA).
This coverage is similar to insurance coverage on
banks' deposit accounts from the FDIC. Both credit
unions and banks are federally insured, and both
types of coverage are backed by the full faith and
credit of the United States Government.
Your savings are now covered up to at least
$250,0001, and savings in certain retirement accounts
such as IRAs and Keoghs are insured separately up to
at least $250,000.
If your savings surpasses this $250,000 amount, you can obtain additional coverage by
creating separate accounts. The NCUA insures accounts in different ownership categories
separately. For example, a husband and wife can obtain up to at least $1,500,000 in
insurance coverage from the NCUA.
How a husband and wife can obtain up to at least $1,500,000 in coverage: |
| Individual Accounts: |
Husband
Wife
|
$250,000
$250,000
|
| Joint Accounts: |
Husband & Wife (Joint) |
$500,000 |
| Revocable Trust Accounts: |
Husband as Trustee for Wife
Wife as Trustee for Husband
|
$250,000
$250,000 |
| Total: |
|
$1,500,000 |
More detailed information about this insurance coverage is available on our Web site by clicking here. Our site also includes a link to the NCUA's Web site, where you can
find an online calculator to estimate the amount of insurance coverage on your funds.
This logo means that your savings are federally insured.
| 1 |
The $250,000 coverage limit on savings accounts in effect until December 31, 2009. |
