"Your Insured Funds" NCUA brochure - North Island Credit Union

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FORWARD The purpose of this booklet is to help you understand your share insurance protecon. NCUA is an independent agency of the U.S. Government. NCUA regulates, charters, and insures the naon’s federal credit unions. In addion, NCUA insures state-chartered credit unions that seek and qualify for federal insurance. In most states, state law requires state chartered credit unions to be federally insured. The shares in your credit union are insured by the Naonal Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the U.S. Government. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direcon of its three-person Board. Your share insurance coverage is similar to the deposit insurance coverage offered by the Federal Deposit Insurance Corporaon (FDIC). Credit unions that are insured by the NCUSIF must display in their offices the official NCUA insurance sign, which appears on the cover of this booklet. All federal credit unions must be insured by NCUA, and no credit union may terminate its federal insurance without first nofying its members. Here are some important facts to remember about your share insurance coverage: No member of a federally insured credit union has ever lost one penny of insured savings. 3
The NCUSIF has several programs to help insured credit unions that might be experiencing problems. Liquidaons or failures are a last resort. In the rare instances when a federally insured credit union does fail, NCUA will make any necessary payouts to the credit union’s members. These payouts are usually made within 3 days from the me the credit union closes its doors. As a member of a federally insured credit union, you do not pay directly for your share insurance protecon. Your credit union pays a deposit and an insurance premium when required into the NCUSIF based on the total amount of insured shares and deposits in the credit union. Insured credit unions are required to deposit and maintain one percent of their insured shares and deposits in the NCUSIF. 4
Page 1 and 2: WHERE CAN I FIND MORE INFORMATION C
Page 6: TABLE OF CONTENTS Share Insurance C
Page 9 and 10: A co-owner’s interest in all join
Page 11 and 12: is provided when the NCUA Board, th
Page 13 and 14: y opening a different type of accou
Page 15 and 16: up to $250,000. As co-owners, the i
Page 17 and 18: especve interest in the revocable t
Page 19 and 20: OTHER FREQUENTLY ASKED QUESTIONS 25
Page 21 and 22: insurance coverage will be provided
Page 23 and 24: A. SINGLE OWNERSHIP ACCOUNTS All fu
Page 25 and 26: Example 4 Queson: Member A holds a
Page 27 and 28: community property) is insured up t
Page 29 and 30: of survivorship. How much insurance
Page 31 and 32: the right to withdraw funds on the
Page 33 and 34: Family of Three The husband is insu
Page 35 and 36: • Informal revocable trusts - oen
Page 37 and 38: REVOCABLE TRUST INSURANCE COMPUTATI
Page 39 and 40: the dollar amount or percentage all
Page 41 and 42: Example 3 - Maximum insurance cover
Page 43 and 44: long as the primary or inial benefi
Page 45 and 46: Some living trusts give a beneficia
Page 47 and 48: uninsured. A’s individual account
Page 49 and 50: containing funds belonging to the p
Page 51 and 52: Example 3 Queson: A is Treasurer of
Page 53 and 54:
separate insurance for each tribe.
Page 55 and 56:
Tax Regulaons (26 C.F.R. 20-2031-10
Page 57 and 58:
Example 1 Queson: Member S invests
Page 59 and 60:
Answer: Each of A’s accounts woul
Page 61:
Financial Notes 60
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"Your Insured Funds" NCUA brochure - North Island Credit Union

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