SOME IMPORTANT FACTS TO REMEMBER
ABOUT YOUR
SHARE INSURANCE PROVIDED BY NCUSIF (National Credit
Union Share Insurance Fund):
Not one penny of insured savings has ever been lost by
a member of a federally insured credit union.
As a member
of a federally insured credit union, you do not pay directly
for your share insurance protection. Your credit union
places a deposit into the NCUSIF and pays an insurance
assessment based on the total amount of insured shares
and deposits in the credit union. Federally insured credit
unions are required to deposit and maintain one percent
of their insured shares and deposits in the NCUSIF.
Share
accounts in federally insured credit unions are insured
up to the Standard Maximum Share Insurance Amount (SMSIA),
$250,000 as of October 3, 2008. The Emergency Economic
Stabilization Act of 2008 increased the insurance coverage
on all accounts up to $250,000 until December 31, 2009.
You may be eligible for additional separate coverage
on multiple accounts, but only if you have different ownership
interests or rights in different types of accounts and
you properly complete account forms and applications. For
example, if you have a regular share account and an Individual
Retirement 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 certificate, and
a share draft account, all in your own name, you will not
have additional coverage. Those accounts will be added
together and insured up to $250,000 as your individual
account. Additionally, shares denominated in foreign currencies
are insured as outlined in NCUA Rules and Regulations.
Coverdell
Education Saving Accounts, formerly education IRAs, are
insured as irrevocable trust accounts and will be added
to a member?s other irrevocable trust accounts and insured
up to the SMSIA. Roth IRAs will be added together with
traditional IRAs and insured up to $250,000.
Additional
coverage is available on revocable trust or payable on
death accounts on a per beneficiary basis. A co-owner?s
interest in all joint accounts in the same credit union
will be added together and insured up to the SMSIA.
Please
be assured that Embarrass Vermillion is in a strong financial
position.
To learn more on this matter please
click on the link below:
http://www.ncua.gov/ShareInsurance/Index.htm |
