Federally Insured by NCUA

There’s no better time to be a credit union member. No credit union member has ever lost a penny of federally insured deposits in a credit union. Virtually all credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF), which insures savings of at least up to $250,000 per account. Certain retirement accounts such as IRAs and Keoghs benefit from additional coverage of up to $250,000.

What does share insurance coverage mean for you?

  • If you have more than one single-ownership account at the credit union, all those account balances are added together and insured in the aggregate, to the maximum of $250,000
  • If you have a joint account at the credit union, that account is insured separately from your individual account up to the $250,000 level, provided each of you has personally signed an account signature card and each of you has a right of withdrawal on the same basis. Each individual’s interests in all jointly held accounts are added together and insured up to $250,000
  • If you have accounts at more than one insured credit union, you have coverage up to the full insurable amount in each credit union. If your credit union has one or more branches, the main office and all branch offices are considered as one credit union
  • If you have a revocable trust account, such as payable-on-death, living trust, or testamentary account, insurance coverage for each account is up to $250,000 per owner for each qualified beneficiary

While IRAs and Keogh accounts are insured separately from non retirement funds, with each type insured up to $250,000, funds in traditional IRAs and Roth IRAs are added together and insured in the aggregate up to $250,000. Coverdell Education Savings Accounts are treated as irrevocable trust accounts and added in with your other irrevocable trust account funds and insured separately up to $250,000.