Is My Money Held In Accounts At My Credit Union Insured?
For insured accounts held at credit unions, there are coverages provided to credit unions by NCUA. The coverages for share deposits are virtually identical to FDIC insurance. (Covered share deposits are now permanently insured up to $250,000 per account by account title and by account type.)
How Do I know If My Credit Union Share Accounts Are Covered by NCUA?
1. First make sure that your credit union has NUCA coverage. This symbol should be prominently displayed in your credit union and on their website.
2. To be sure, consult the latest NCUA directory or ask at your Credit Union: http://www.ncua.gov/DataServices/Directory/cudir.aspx
3. Make sure that your share deposits are covered by consulting the Guide or online calculator (links shown below). –As always, if you are not sure ask at your credit union
- Click on the word Guide below. The Guide is a document that explains how various types of commonly held accounts are insured:
- E-Calculator The Electronic Share Insurance Calculator http://webapps.ncua.gov/ins/calculator.html
For more information visit the NCUA web site:
- Visit the NCUA web site: http://www.ncua.gov/
Jane Nowak, CFP® is a Financial Advisor with Kring Financial Management located in Atlanta, Ga. Jane’s practice focuses on Women’s Retirement Planning and Financial Planning for Women. Her articles have been published on line at NASDAQ, Financial Planning Association and Womenetics.com, SmartMoneyChicks.com. Follow Jane on Twitter at: http://twitter.com/moneygal2020 and connect with Jane on LinkedIn http://www.linkedin.com/in/janenowak