Winston-Salem Federal Credit Union
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NCUA Insurance

Federal Account Insurance Offers Our Members Security And Peace-Of Mind!

One of the results of the Great Depression resulting from the stock market crash in October 1929 was the National Banking Act of 1933 where deposit insurance originated.

Your combined savings at the Credit Union is insured up to $250,000 per account number. You can rest assured that your hard-earned savings is insured and safe for as long as you have it in our care. Here is what you should know about NCUA (National Credit Union Association) share insurance:

Each member's funds are insured to $250,000 and that limitation applies to the total of a person's funds in any share account for which the credit union is liable. The $250,000 is cumulative of any share account, checking account, money market, and share certificate under the same account number.

In addition to their individual insured accounts, each person is entitled to a maximum of $250,000 coverage for their interest in all of their joint accounts. Any two or more persons may have a valid joint account covered for the total amount allowed for each person in the joint category. Insurance protection is not increased by merely rearranging the names of owners, changing the style of names, or by having more than one joint account for the same combination of owners in the same insured credit union.

Funds deposited into revocable trust accounts whose beneficiaries are either a spouse, child, grandchild, parent, or sibling of the owner are separately insured to $250,000. They provide that, at the death of the owner, funds will pass to a named beneficiary. The person who has the power to revoke the trust is considered the owner of the account. Grandparents must be married to each other in order for the revocable trust accounts of one for the other to be separately insured.

In addition, any funds in a Credit Union IRA account is eligible for separate insurance protection, even under the same account number.

Take a look at the combination of possibilities that can provide a family of four coverage totaling $2,000,000 on deposit at your Credit Union:

INDIVIDUAL ACCOUNTS
  • $250,000 Husband
  • $250,000 Wife
  • $250,000 Child number one
  • $250,000 Child number two
JOINT ACCOUNTS
  • $250,000 Husband and Wife
  • $250,000 Husband and Child One
  • $250,000 Wife and Child Two
  • $250,000 Child One and Child Two
REVOCABLE TRUST ACCOUNTS
  • $250,000 Husband as Trustee for Wife
  • $250,000 Husband as Trustee for Child One
  • $250,000 Husband as Trustee for Child Two
  • $250,000 Wife as Trustee for Husband
  • $250,000 Wife as Trustee for Child One
  • $250,000 Wife as Trustee for Child Two
  • $250,000 Child One as Trustee for Child Two
  • $250,000 Child Two as Trustee for Child One
  • $250,000 Child One as Trustee for Husband
  • $250,000 Child One as Trustee for Wife
  • $250,000 Child Two as Trustee for Husband
  • $250,000 Child Two as Trustee for Wife

$5,000,000 TOTAL!

Although the NCUA has simplified share insurance in the last few years, it can still be very confusing. Charts like this one can be helpful and we encourage you to talk to a Credit Union Officer about the possibilities for your situation. Know that the Credit Union takes the charge of keeping your savings safe very seriously. Please also know that your Credit Union will be honored to care for your savings for as long as you like in an institution that has your money guaranteed, no matter the circumstances. That's why we say that our Credit Union is about People Helping People.

NCUA 

711 Salem Avenue, Winston-Salem, NC 27101
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Phone 336-727-2663 or 336-788-5007
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