SAVINGS ACCOUNT QUESTIONS
- Are my funds on deposit at the credit union insured?
- How much coverage do I have?
- Who pays for federal share insurance?
- Are funds in different credit unions insured separately?
- How are IRAs, Keogh and Deferred Compensation accounts covered?
Are my funds on deposit at the credit union insured?
Yes. U of M Credit Union is insured by the National Credit Union Share Insurance Fund, an arm of the National Credit Union Administration (NCUA). Funds (shares) on deposit at U of M Credit Union are protected by federal deposit insurance.
How much coverage do I have?
Share accounts in federally insured credit unions are insured up to $250,000 - just as with FDIC coverage at banks. Generally, if you have more than one individual account in the same insured credit union, those accounts are added together and are insured up to $250,000. Share accounts maintained in different legal ownership capacities may each be separately insured.
Who pays for federal share insurance?
The cost is borne by credit unions. As a member, you do not pay directly for your deposit insurance protection. The insurance fund is fully backed by the U.S. government. Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
Are funds in different credit unions insured separately?
Yes. If you have accounts in several different insured credit unions, the maximum of $250,000 is applicable to your accounts in each insured credit union
How are IRAs, Keogh and Deferred Compensation accounts covered?
With federal share insurance through NCUA, these types of accounts are insured separately up to $250,000 from other accounts that you maintain at the same credit union.
Your
savings federally insured to at least $250,000 and backed by the full faith
and credit of the United States Government
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.