Credit unions displaying the NCUA symbol are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA).
Federal share insurance is mandatory for all federal and some state chartered credit unions. Each credit union must meet high standards to be approved for NCUSIF coverage.
How does share insurance protect my money?
NCUSIF coverage works much like the insurance for depositors in banks (known as FDIC). Coverage assures that your savings will be paid to you in full – up to $100,000 – if your credit union should ever become insolvent and have to liquidate. NOTE: To date, no money has been lost by any member of a federally-insured credit union.
What if I have multiple accounts, how will this effect my coverage?
It is possible to have up to $1 million or more in insurance coverage, depending on the type of accounts, ownership of the accounts, and location of accounts.
IRA, Keogh and Deferred Compensation accounts are insured separately
to at least $100,000 from your other accounts at the credit union.
All share accounts held individually are added together and are insured
to at least $100,000. All joint accounts owned by the same
combination of individuals are added together and are insured to
at least $100,000. All trust interest created by the same grantor for the same beneficiary will be added together and insured to
at least $100,000.
Accounts held at different credit unions (excluding different branches of the same credit union) are considered separate accounts and insured to
at least $100,000.
NOTE: Share insurance coverage is not increased simply by dividing funds among the different types of share accounts available at a single credit union.
How much will this insurance cost me?
URW Community Federal pays a deposit into the NCUSIF along with an insurance assessment. The amount paid is based upon the shares and deposits held by URW Community Federal.
NOTE: You pay no extra charge for this protection.
Am I protected in other ways?
Yes, URW Community Federal has many safeguards. We maintain substantial reserves, as required by law. All persons who handle money or records are bonded. URW Community Federal is inspected regularly by government examiners.
NOTE: If you have any concerns regarding the safety of your funds, please contact us.
PRODUCTS INSURED
Share Draft
An account whereby funds are accessible to the depositor via a check/draft.
Share Savings
A dividend-bearing account where funds are indefinite period of time.
Share Certificate
An account where funds are placed for a definite period of time, e.g. one month, one year, etc.
Individual Retirement Accounts
A share savings or personal retirement account often used as a personal retirement savings plan. (IRAs which are not deposit accounts are not insured.)
Cashier's Checks, Money Orders, Travelers Checks, Etc.
Checks/Drafts of a financial institution that are purchased by the
member., covering both principal and interest. Ownership of the accounts (for example, single or joining) determines whether there is more coverage. Cashier's Checks, Travelers Checks, Money Orders, etc. insured when issued in exchange for money or charge against a deposit account. |
