At the Credit Union, your deposits are federally insured up to $250,000 per individual and up to $250,000 for IRA accounts by the National Credit Union Administration (NCUA), a United States government agency. This insurance is similar to that offered by the Federal Deposit Insurance Corporation (FDIC).

If you have more than $250,000 on deposit at the Credit Union, there are several options available for additional coverage on multiple accounts. These options are based on different ownership interests or rights in different types of accounts.

Joint Accounts
Joint accounts are owned by two or more people, each with equal rights to withdraw money. Joint account holders receive $250,000 coverage each for their aggregate interest in the account. For example, if you and your spouse have a joint account, it has $500,000 in coverage. This coverage is separate from, and in addition to, the coverage available for the other accounts such as individual accounts and retirement accounts.

Revocable Trusts
Revocable trust accounts may qualify for insurance coverage of up to $250,000 per beneficiary named by the trust owner that is separate from the individual coverage available to the owner. For example, if a person with a revocable trust for $750,000 names a spouse and two children as beneficiaries, the entire $750,000 would have separate NCUSIF coverage ($250,000 per beneficiary). This coverage is separate from the coverage provided to the other types of accounts held by the trust's owner at the Credit Union.

These are just a couple of examples! Find out more information about the NCUA or calculate your account coverage potential with the NCUA Share Insurance Estimator.