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Share Insurance on Accounts

The National Credit Union Share Insurance Fund (NCUSIF) insures each member's share accounts in full - up to $250,000. And IRA accounts are insured separately up to $250,000.

There are provisions which allow for additional coverage of your share accounts. The most frequently asked questions regarding the NCUSIF are as follows:

What is the basic NCUSIF share insurance coverage?
The basic insured amount for a Credit Union member's share accounts (not including IRA) under current law is $250,000. Share accounts maintained in different rights or capacities or forms of ownership, may each be separately insured up to $250,000. Thus, a member may hold or have an interest in more than one separately insured share account in the same insured credit union.

If a member has accounts in different insured credit unions, will the accounts be added together for the purpose of insurance coverage?
No. The maximum insurance of $250,000 for share accounts and $250,000 for IRA accounts is applicable to share and IRA accounts in each insured credit union. A member who has share accounts and IRA accounts in two or more different insured credit unions would have up to $250,000 and $250,000 insurance respectively in each credit union. In the case of a credit union having one or more branches, the main office and all branch offices are considered as one credit union.

If a member has more than one individual share account in the same insured credit union, is each account insured up to $250,000?
No. Individual share accounts held by the same member are added together and are insured up to $250,000. An individual share account is an account solely owned by one individual without the right of withdrawal by another individual. IRA, Keogh and Deferred Compensation accounts are insured separately up to $250,000.

If two or more persons, such as husband and wife, have in the same credit union a joint share account as well as their own individual accounts, is each account separately insured?
Yes. A person's interests in joint share accounts are insured separately from individual accounts up to a maximum of $250,000, provided that each of the co-owners has personally signed a share account signature card and has a right of withdrawal on the same basis as the other co-owners. (If state law limits a minor's right of withdrawal, the share account will still be insured as a joint account. The signature of each co-owner is not required on a share certificate.) However, the insurance protection for a co-owner on joint accounts is not increased by re-arranging the names of the owners, by changing the style of names, or by establishing more than one joint share account.

The interests that a particular co-owner has in all joint share accounts held in the same credit union will be added together and insured for up to $250,000. In the example, the husband can have up to $250,000 coverage on his single or individual account, and so can the wife. In addition, the husband and wife can each have up to $250,000 of insurance on their portion of the joint share account. They would have a total of up to $1,000,000 of coverage in this example.

Is the previous answer the same if funds in the individual and joint share accounts of husband and wife all consist of community property?
Yes. In those jurisdictions recognizing community property, community funds may be maintained in share accounts in the individual names of each spouse or in a joint share account in the names of both. The individual share account of the husband and the individual share account of the wife will each be insured for up to $250,000. As co-owners, the interest of the husband and of the wife in the joint share account will each be insured for up to $250,000. As in the previous question, they would have a total of up to $1,000,000 of coverage.

If a person has an interest in more than one joint share account, what is the extent of the insurance coverage?
A person holding an interest in more than one joint share account may receive a maximum of $250,000 insurance coverage on the total of his interests in those joint share accounts.

The following illustrations show how typical families may use multiple ownership of share accounts to increase the insurance coverage for family funds. In all cases, the share accounts illustrated must meet the share insurance coverage requirements as published in the code of Federal Regulations (12 C.F.R. 745).

Family of Two Account Ownership Insurance Amount
Individual
Accounts
Individual
Individual
Husband
Wife
$250,000
$250,000
Joint Tenancy
Accounts
Joint Husband & Wife $500,000
Testamentary
Revocable
Trust Accounts
Husband as Trustee for Wife
Wife as Trustee for Husband
$250,000
$250,000
TOTAL $1,500,000
Family of Four Account Ownership Insurance Amount
Individual
Accounts
Individual
Individual
Individual
Individual
Husband
Wife
Child#1
Child#2
$250,000
$250,000
$250,000
$250,000
Joint Tenancy
Accounts
Joint
Joint
Joint
Joint
Husband & Wife
Husband & Child#1
Wife & Child#2
Child#1 & Child#2
$250,000
$250,000
$250,000
$250,000
Testamentary
Revocable
Trust Accounts
(for Spouse-Child-
Grandchild-Parent-
Sibling)
Husband as Trustee for Wife
Wife as Trustee for Husband
Husband as Trustee for Child#1
Wife as Trustee for Child#1
Husband as Trustee for Child#2
Wife as Trustee for Child#2
$250,000
$250,000
$250,000
$250,000
$250,000
$250,000
TOTAL $3,500,000
Equal Housing Lender
NCUA
Premier America Credit Union is committed to providing exceptional service to individuals and small businesses. We offer consumer, business and youth checking and savings accounts; business loans; investment services; high yields on certificates and money market accounts; homeowner's and auto insurance; home mortgages and auto loans; as well as MasterCard and Visa credit cards. Our members enjoy free services including internet banking, mobile banking, text banking, mobile apps and bill pay. We are proud to serve the communities of Chatsworth, Simi Valley, Thousand Oaks, Valencia, Santa Monica, Westlake Village, and Woodland Hills, California as well as Houston, Texas.