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About NCUA Insurance on Your Credit Union Savings

Members’ Advantage Credit Union reserves are currently in an exceptionally strong, above average position.

Your MACU accounts are insured up to $250,000 per person by the National Credit Union Share Insurance Fund (NCUSIF). Individual Retirement Accounts (IRA) are insured separately up to $250,000 (raised from $100,000 on April 1, 2006). The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

Depending on how your accounts are owned and what types of accounts you have, you can increase the total insurance on your funds to greater than $250,000.

For a detailed explanation of insurance coverage or to estimate your share insurance please visit the following resources:

  • Share Insurance Estimator - Estimate the amount of insurance coverage you may need based on various scenarios
  • How Your Accounts Are Fderally Insured - view general information regarding share insurance coverage
  • Your Insured Funds - A detailed explanation of share insurance coverage along with examples of account coverage

Individual Accounts

An Individual Account is one owned by a single member. The total balances in a member's Individual Accounts at one credit union are insured up to $250,000. This includes the combined amounts in all savings, checking, money market, and certificate accounts. The amounts a member may have in IRAs, joint accounts, and revocable trust accounts do not count toward this total.

Joint Accounts

A Joint Account is owned by more than one person. Each Joint Owner has equal rights and access to the funds in the account. Each Joint Owner has signed the application for the account. A common example would be an account jointly owned by a husband and wife. Under NCUA regulations, each Joint Owner gets up to $250,000 coverage for their "share" of the funds in jointly owned accounts. For example, if two Joint Owners have $500,000 in their jointly owned accounts at an institution, the full amount is covered - $250,000 for each owner. If there are three Joint Owners, the maximum coverage is $300,000 - $100,000 for each joint owner. Each individual is limited to $250,000 maximum coverage for funds in Joint Accounts at one credit union, even if there is more than one combination of joint owners.

Revocable Trust Accounts

The funds in a Revocable Trust Account, also known as a "payable on death" account (POD), is paid to named beneficiaries in the event of the owner's death. While living, the owner has use of the funds and can revoke the trust (remove or change beneficiaries). If the beneficiaries of a Revocable Trust Account are a spouse, child, grandchild, parent, or sibling of the owner, the funds in the account are separately insured to $250,000 per beneficiary, (in addition to any insurance on valid individual and joint accounts). To qualify for coverage under NCUA regulations, there are several conditions that must be met:

  • Beneficiaries must be a qualifying family member.
  • Beneficiaries must be specified in the account records.
  • The title of the account must include a term such as in trust for or payable on death to.
  • It must be the owner's intention that the account belongs to the named beneficiary upon their death.

Individual Retirement Accounts

Funds in IRA or Keogh Accounts are eligible for separate insurance protection up to $250,000. These accounts are not shown in the insurance examples because they are subject to special deposit and withdrawal rules.

Maximizing Your Coverage

NCUA's regulatory changes may allow you to increase the maximum amount of your family's insured funds at MACU. Brochures are available at the credit union if you would like more information.