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How are accounts insured through NCUA?

  • Properly established share accounts in federally insured credit unions are insured up to $250,000.
  • Generally, if a member has more than one account in the same credit union, all funds are added together and insured up to $250,000.
  • A member can have additional coverage on multiple accounts, but only if the accounts have different ownership interests or rights in different types of accounts.
  • Additional coverage is available on revocable trust or payable on death accounts.
  • On joint accounts, the co-owner’s interest in all joint accounts in the same credit union will be added together and insured up to $250,000.
  • Traditional and Roth IRAs are insured separately to $250,000 from other accounts that the member maintains in the same credit union.
  • However, both Traditional and Roth IRAs are added together and insured up to $250,000.
  • For revocable trust accounts, a member can have coverage up to the SMSIA for each account that has a different beneficiary named to receive the funds.