All members of federally insured credit unions receive up to $250,000 in total coverage from the NCUSIF for their single ownership accounts. For example, if you have an individual checking account, an individual savings account, and a share certificate in your name, those accounts are considered together as your single ownership accounts and are insured in the aggregate. If your account balances total $250,000 or less at the same insured credit union, you are fully insured.
In order to qualify for separate coverage on multiple accounts, you must have different ownership interests or rights in different types of accounts, and this must be properly documented on your account forms and applications.Examples of qualifying different ownership interests or rights
If you have an individual checking account and an IRA at the same federally insured credit union, the individual checking account is insured up to $250,000, and the IRA is separately insured up to $250,000. This is because you have different ownership rights in each account.
If you have a joint checking account and an individual savings account at the same federally insured credit union, your part of the joint checking account is insured up to $250,000, and the individual savings account is separately insured up to $250,000. This is because they are different ownership types.
to learn more about share insurance, view more in-depth examples, and calculate your coverage with their Share Insurance Estimator
. You can also download a copy of the brochure “Your Insured Funds