Your Savings are Protected
Spectrum Credit Union (Spectrum) members work hard for their money, and we believe that protecting our members’ trust and share deposits are critical to our success.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 increased the level of insurance on all accounts to $250,000. This increase, previously established on a temporary basis, has now become permanent. Individual Retirement Accounts (IRAs) are also insured up to $250,000. (Funds in traditional IRAs and Roth IRAs are added together and insured in the aggregate to $250,000.)
The dollar amount of coverage is based on both the account type and ownership type.
Generally, if you have more than one account in the same credit union that is of the same ownership category, those accounts are added together and insured in the aggregate.
However, if you have a Savings account, a Checking account, and a Share Certificate, all in your own name, you will not have additional coverage. Those accounts will be added together and insured up to $250,000 as your individual account.
To see how you can get the most from your coverage, please contact us for a copy of the brochure “Facts About…Federal Share Insurance at Your Credit Union.”
So bring your savings to us and be confident that Spectrum will take good care of it. For additional information on how account ownership and type affect insurance coverage, please visit the Share Insurance page on NCUA’s website, stop by your local Spectrum branch, or call us at 510-251-6000 or toll-free 800-782-8782.
Sources: “Share Insurance Protects Your Savings” and “Higher Deposit Coverage Gives You More Reasons to Save” (Copyright 2007), Credit Union National Association Inc., and "Your Insured Funds," National Credit Union Administration.
Information subject to change without notice. All other rights reserved.