In light of recent bank failures, we thought it would be a good time to remind members that their money is safe at Members Trust. In addition to the strength of Members Trust, your funds are protected by the National Credit Union Administration or NCUA. NCUA operates and manages the National Credit Union Share Insurance Fund (NCUSIF), which insures the accounts of millions of credit union members.
You’ve probably never thought about NCUSIF but it’s important to know how it helps to protect you and your money.
Why is NCUSIF Insurance Important to You?
NCUSIF share insurance protects members against losses if a federally insured credit union should fail. You can confidently conduct business with Members Trust knowing that no member has ever lost a penny from accounts insured by the NCUSIF.
What Coverage Do You Get?
NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for a single ownership account. That includes savings, checking, money markets, and certificate accounts.
Coverage is provided at each federally insured credit union where you are a qualified member.
What If I Have More than $250,000?
If you have over $250,000 in your account, you may be concerned about coverage but there are steps you can take to make sure your money is covered by NCUA.
- Open a Joint Account – The NCUSIF provides EACH joint account holder with $250,000 coverage for their aggregate interests in each federally insured credit union. For example, a two-person joint account with no beneficiaries has $500,000 in coverage.
- Put Money in an IRA – The NCUSIF insures traditional and Roth IRAs for $250,000 in total at each federally insured credit union. Retirement account insurance is SEPARATE FROM the coverage on other credit union accounts. For example, if you have a regular savings account and an IRA at the same credit union, the NSCUSIF insures the savings account for $250, 000 and the IRA for an additional $250,000.
- Create a Trust Account – The NCUSIF provides separate coverage for both revocable and irrevocable trusts up to $250,000 per beneficiary of the trust, in addition to other types of ownership accounts.
- Open Accounts at Other Credit Unions – Since NCUSIF share insurance covers up to $250,000 per person, per ownership category, and per credit union, you can open an account at another credit union and deposit your excess funds there.
Look for the NCUA Logo
Federally insured credit unions are required to indicate their insured status by displaying the official NCUSIF insurance logo in the branch, online, and in marketing materials.
Run the Numbers
The NCUA’s Share Insurance Estimator helps you better understand the coverage that you get. It’s an interactive site that lets you input your information to see what coverage is available. Click to try it.
You can rest assured that your money is safe and secure at Members Trust Federal Credit Union. We are federally insured, so your funds are covered by NCUA’s share insurance.
Questions about your share insurance coverage? Let’s talk.