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 dollar amount of coverage is based on both the account type and ownership type.
- Single Owner Accounts: $250,000 per member-owner
- Joint Owner Accounts: $250,000 per owner (with the primary owner a member of the credit union)
- IRAs: $250,000 per member-owner
- Trust Accounts: Each member-owner is insured up to $250,000 for each eligible beneficiary named or identified in the revocable trust, subject to limitations and requirements.
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 in your name alone and an Individual Retirement Account (IRA) at the same federally-insured credit union, the individual Savings account is insured up to $250,000 and the IRA is separately insured up to $250,000.
If you have an individual Checking account and a joint Savings account, the individual Checking account is insured up to $250,000 and your part of the joint account 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.
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.”
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.