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Savings Insurance Coverage
Your savings are federally insured by the National Credit Union Administration (NCUA), a U.S. Government Agency. On July 21, 2010, H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer protection Act bill was signed into law making your savings permanently insured up to a maximum of $250,000. Following is more detail about this insurance:
- The combined balances in your individual savings, certificate, checking and health savings accounts are now insured up to a maximum of $250,000.
- Joint ownership can expand the overall insurance coverage. The combined balances in joint accounts are insured separately from individual accounts for up to $250,000 per name on the account. The most federal insurance coverage any member can have as a result of joint ownership is $250,000. (Example: If joint accounts total $500,000 and there are two owners on the account(s), each owner is insured for $250,000.)
- The funds in your IRA certificates or IRA money managers are insured up to $250,000.
- Trust Accounts are insured separately from any other accounts held by the trustee and provide up to $250,000 for each beneficiary per trustee.
- Custodial Accounts receive separate insurance coverage up to $250,000 for the combined balances in a minor's custodial account.
- As of Friday, October 3, 2008, existing and future revocable trust accounts (payable-on-death accounts or living trust accounts) no longer require "qualifying beneficiaries," so coverage is based on the naming of virtually any beneficiary. The only requirement is that a beneficiary must be a person, charity or another non-profit organization (as recognized by the Internal Revenue Service).
If you are interested in learning more about savings insurance, including how to maximize your insurance coverage, stop by any branch or contact our Member Service Center by phone at 800-325-0808, via email or through online chat.
You may also want to review the following:
- Your Accounts Are Federally Insured Brochure
- NCUA Share Insurance Frequently Asked Questions
- Your Insured Funds Brochure
- How Your Accounts are Insured
