(ARA) - We all feel the the National Credit
same -- you work hard to Union Administration
earn a living, and when insures credit union
your paycheck goes into accounts. Look for the
an account at a NCUA sign at your credit
financial institution union. It means your
you want to know it’s money is protected,
safe. Even in the worst backed by the full faith
case scenario, you want and credit of the U.S.
to know you’ll get your government. At NCUA, the
money back. The U.S. National Credit Union
government has taken Share Insurance Fund is
steps to make sure you the federal fund that
are covered. protects members’ share
accounts in credit
Decades ago, they unions across the
created the FDIC and the country, and now members
NCUA -- the Federal can calculate their
Deposit Insurance level of protection
Corporation insures bank online.
and thrift accounts and
Calculate your account on its Web site as well.
protection 24/7 An example of coverage
protection
Credit union members can
now use NCUA’s Share I have $250,000 in my
Insurance Estimator to credit union --
determine the amount of
share insurance * $10,000 in my
protection provided by individually owned
the NCUA on the Internet savings account;
day or night at
www.ncua.gov. In * $120,000 in a joint
addition, the estimator account with my husband;
offers basic information and
about share insurance
protection, and it * $120,000 in my
explains the various revocable trust account
types of account (payable-on-death, or
structures available so POD account) for my
as your savings grow, daughter and son.
you can gain additional
protection above the Even though several
basic $100,000 level. accounts exceed
The first step is $100,000, the entire
deciding if your savings $250,000 is insured
are insured by the NCUA. because of the way the
By law, any credit union accounts are structured.
with federal insurance In fact, insurance
protection on member protection on these
accounts must post the accounts is actually
NCUA sign prominently at $500,000, with NCUSIF
each teller station and coverage as follows:
* $100,000 limit on my ownership accounts to
individually owned increase insurance
savings account protection to over $1
million in a single
* $200,000 limit on a federally insured credit
joint account with my union.
husband -- each joint
owner in a joint account Access NCUA’s Share
is entitled to $100,000 Insurance Estimator on
coverage for his or her the Internet to learn
interests in all joint more about federal
accounts insurance protection,
and follow the easy to
* $200,000 limit on my use question and answer
revocable trust account format to estimate your
for my son and daughter own NCUSIF insurance
coverage. Depending on
the number and types of
How to gain additional accounts a member has,
coverage the estimator can
calculate the insurance
IRA accounts add on most accounts. Log
additional levels of onto the new Web site at
insurance protection. In www.ncua.gov and click
fact, a family of three on the NCUA sign.
can use multiple
