All members of federally insured credit unions receive up to $250,000 in total coverage from the NCUSIF for their single ownership accounts. For example, if you have an individual checking account, an individual savings account, and a share certificate
in your name, those accounts are considered together as your single ownership accounts and are insured in the aggregate. If your account balances total $250,000 or less at the same insured credit union, you are fully insured.
In order to qualify
for separate coverage on multiple accounts, you must have different ownership interests or rights in different types of accounts, and this must be properly documented on your account forms and applications.
Examples of qualifying different ownership interests or rights
For example, if you have an individual savings account and an IRA at the same federally insured credit union, the individual savings account is insured up to $250,000 and the IRA is separately insured up to $250,000 because you have different ownership rights in each account. That’s up to $500,000 in insurance coverage.
If you have an individual checking account and a joint savings account at the same federally insured credit union, the individual checking account is insured up to $250,000 and your part of the joint savings account is separately insured up to $250,000 because they are different ownership types. The total insurance coverage of the joint account (up to $500,000 for the two joint members) and individual checking account (up to $250,000) is up to $750,000.
Visit mycreditunion.gov to learn more about share insurance,
view more in-depth examples, and calculate your coverage with their Share Insurance Estimator. Feel free to call us, make an appointment, or stop in a branch to speak with us about organizing your accounts for the maximum amount of federal insurance.
You can also download a copy of the brochure “Your Insured Funds.”
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