Insured Funds

Your Credit Union is Backed by The U.S. Government

Properly established share accounts in federally insured credit unions are insured by the N.C.U.A. for up to $100,000.00. Generally, if a credit union member has more than one account in the same credit union, those accounts are added together and insured up to $100,000.00. There are exceptions, however; you may obtain additional insurance coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. For example, if you have a regular share account and an Individual IRA at the same credit union, each account is insured up to $100,000.00. If you have a regular share account, share certificate account, and share draft account, all in your own name, you will not have additional coverage. Those accounts will be added together and insured for up to $100,000.00 as your individual account.

Education and Roth IRAs

These are two new types of insured member accounts. Education IRAs are insured as irrevocable trust accounts and will be added to a member's other irrevocable trust accounts and insured up to $100,000.00. Roth IRAs will be added together with traditional IRAs and insured for up to $100,000.00. Please call New Accounts for detail information.

Recent Changes (April 1999): Additional coverage is available on revocable trust or payable on death accounts. You can now name a parent or sibling as a beneficiary to get separate coverage. Previously, beneficiaries had to be a spouse, child, or grandchild. The rules on joint accounts have been simplified. A co-owner's interest in all joint accounts in the same credit union will be added together and insured up to $100,000.00.