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

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SHARE INSURANCE COVERAGE Properly established share accounts in federally insured credit unions are insured up to $250,000. Generally, if a credit union member has more than one account in the same credit union of the same ownership, those accounts are added together and insured in the aggregate. There are excepons though. You may obtain addional separate coverage on mulple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applicaons. For example, if you have a single ownership regular share account and an Individual Rerement Account (IRA) at the same credit union, the regular share account is insured up to $250,000 and the IRA is separately insured up to $250,000. However, if you have a regular share account, a share cerficate, and a share dra account, all in your own name and without any beneficiaries, you will not have addional coverage. Those accounts will be added together and insured up to $250,000 as your individual account. Addionally, shares denominated in foreign currencies are insured as outlined in <strong>NCUA</strong> Rules and Regulaons. Coverdell Educaon Saving Accounts (or 529 Accounts), formerly educaon IRAs, are insured as irrevocable trust accounts and will be added to a member’s other irrevocable trust accounts and insured up to $250,000. Roth IRAs will be added together with tradional IRAs and insured up to $250,000. You may also qualify for addional coverage on revocable trust (formal or informal commonly referred to as payable on death) accounts. 7
A co-owner’s interest in all joint accounts in the same credit union will be added together and insured up to the maximum of $250,000. 8
Page 1 and 2: WHERE CAN I FIND MORE INFORMATION C
Page 4 and 5: FORWARD The purpose of this booklet
Page 6: TABLE OF CONTENTS Share Insurance C
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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