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The last thing you want to worry about when you’re banking is whether or not your money is protected. When you belong with us, you won’t have to.

Shares are insured up to $250,000 per member-owner by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA). 

Look for the NCUA sign

All credit unions insured by NCUSIF must display the official NCUA insurance sign in their physical locations and branches. This means you’ll see the official NCUA insurance sign on display at all our branch locations, a constant reminder that your money is protected at Spectrum Credit Union.

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The amount of coverage is determined by the account type and ownership type:

  • Individual member accounts are insured up to $250,000 per member-owner
  • Joint member accounts are insured up to $250,000 per member-owner
  • Individual Retirement Accounts (IRAs) are insured up to $250,000 per member-owner
  • Trust accounts are insured up to $250,000 per member-owner for each eligible beneficiary named or identified in the revocable trust, subject to limitations and requirements

For members with multiple accounts:

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. 

Visit mycreditunion.gov 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.”

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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.

 

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