Your Insured Funds
Your funds are insured up at least to $250,000.00 by the National Credit Union Administration (NCUA). The NCUA is an independent agency of the U.S. Government and is responsible for the management of the National Credit Union Share Insurance Fund (NCUSIF).
Effective April 1, 2006, NCUA insured credit union retirement accounts such as Individual Retirement Accounts (IRA) are insured separately, up to $250,000.00.
Keep in mind , if you have a regular share account and an IRA at the same credit union, the regular share account is insured at least to $250,000 and the IRA is separately insured up to $250,000.
Remember, not one penny of insured savings has ever been lost by a member of a federally insured credit union!
For more information or any questions regarding your funds, please feel free to contact either of our offices during business hours.
NOTICE OF CHANGES IN TEMPORARY NCUA INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a ‘‘non interest-bearing transaction account’’ are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules.
The term ‘‘non interest-bearing transaction account’’ includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend.
It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal (‘‘NOW’’) account, money market deposit account, and Interest on Lawyers Trust Account (‘‘IOLTA’’), even if share drafts may be drawn on the account. For more information about temporary NCUA insurance coverage of transaction accounts, visit www.ncua.gov.