Spectrum Credit Union members work hard for their money, and we believe that protecting our members’ trust and share deposits are critical to our success.

The shares in your Spectrum accounts are federally insured by the National Credit Union Share Insurance Fund (NCUSIF), which is an arm of the National Credit Union Administration (NCUA). Spectrum and all credit unions insured by NCUSIF must display the official NCUA insurance sign in their offices.


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, you may obtain additional separate coverage on multiple accounts if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications.

For example, if you have a Savings account and an IRA at Spectrum, the savings account is insured up to $250,000 and the IRA is separately insured up to $250,000.

If you have a Savings account, a Checking account, and a Share Certificate, all in your own name, though, 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 or click the link for a copy of the brochure “Your Insured Funds.”

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 the NCUA’s website, stop by your local Spectrum branch, or give us a call at 510-251-6000 or 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.

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