NCUA Coverage
See how much coverage you have on your accounts.
Key Points:
What is NCUA Coverage?
Similar to the FDIC, the National Credit Union Association (NCUA) provides insurance to credit union members. This federal insurance covers accounts like savings, checking, and CDs up to $250,000 per depositor, per institution, for each account ownership category, ensuring your money is safe even if the credit union fails due to an economic downturn.
What Amount is Insured?
Up to $250,000 per depositor. Coverage could be higher for accounts owned by more than one person and/or accounts that list one or more beneficiaries.
Which Accounts are Covered?
Deposit accounts including:
Savings
Checking
Certificates of deposit (CDs)
Money market
Trust and payable-on-death accounts
Retirement accounts
How do ownership types impact NCUA coverage amounts?
Individual Accounts
Just you on the account? You’re insured up to $250,000 across those accounts.
Retirement Accounts
Traditional/Roth IRA owners get up to $250,000 in coverage regardless of the number of beneficiaries they might list.
Joint Accounts
More than one owner? Each co-owner is insured up to $250,000. So, a couple with joint-owned accounts would get $500,000 in coverage across those accounts.
Trust Accounts
If you have a formal trust or list payable-on-death beneficiaries on accounts, each owner gets up to $250,000 in coverage per beneficiary, for up to five beneficiaries.
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If you still have questions about NCUA coverage, contact our Director of Financial Planning, John Englin, today.
John Englin
AnsboroughContact Info(800) 235-3228 ext. 6744