| Federally
Insured Savings and Investments
When
saving money, getting a good savings yield is only part
of the story. You must also consider security.
Your
money is safe at Glendale City Employees FCU. Your deposits
are insured by the National Credit Union Share Insurance
Fund (NCUSIF), which is backed by the full faith and
credit of the US Government.
The
NCUSIF is administered by the National Credit Union Administration
(NCUA), and is the credit union equivalent of the banking
industry’s
FDIC (Federal Deposit Insurance Corporation). When you
see the NCUA logo, it’s your assurance that
your money is protected.
This
insurance is provided free of charge.
How
Much Coverage Do You Have?
Your
account is federally insured up to $250,000, the same
as FDIC coverage. Individual Retirement Accounts are
separately insured, up to $250,000.
It’s
possible to increase the amount of your federal coverage.
Simply open new accounts under different ownership capacities.
This allows you to keep more than $250,000 at the credit
union and maximize your federal insurance coverage.
Here
are some examples of how it’s possible to
increase insurance coverage by opening multiple accounts
with different ownerships:
Two Adults |
Coverage
To $2,000,000 |
| Individual Accounts |
| John |
$250,000 |
| Jane |
$250,000 |
| Joint Account |
| John and Jane together |
$500,000 |
| Revocable Trust Accounts |
| John as Trustee for Jane |
$250,000 |
| Jane as Trustee for John |
$250,000 |
| Retirement Accounts |
| John |
$250,000 |
| Jane |
$250,000 |
| If you have children, you can increase
your coverage even further. |
Parents, One Child |
Coverage
To $2,500,000 |
| Individual Accounts |
| John |
$250,000 |
| Jane |
$250,000 |
| Joint Account* |
| John and Jane together |
$500,000 |
| Payable On Death (POD) Accounts |
|
| John POD and John, Jr. |
$250,000 |
| Jane POD and John, Jr. |
$250,000 |
| John POD and Jane |
$250,000 |
| Jane POD and John |
$250,000 |
| Retirement Accounts |
| John |
$250,000 |
| Jane |
$250,000 |
Parents, Two Children |
Coverage
To $3,000,000 |
| Individual Accounts |
| John |
$250,000 |
| Jane |
$250,000 |
| Joint Account* |
| John and Jane together |
$500,000 |
| Payable On Death (POD) Accounts |
| John POD and John, Jr., Jane, Jr. |
$500,000 |
| Jane POD and John, Jr., Jane, Jr. |
$500,000 |
| John POD and Jane |
$250,000 |
| Jane POD and John |
$250,000 |
| Retirement Accounts |
| John |
$250,000 |
| Jane |
$250,000 |
Single Parent, One Child |
Coverage
To $750,000 |
| Individual Accounts |
| Jane |
$250,000 |
| Payable On Death (POD Accounts |
| Jane POD and John, Jr. |
$250,000 |
| Retirement Accounts |
| Jane |
$250,000 |
Single Parent, Two Children |
Coverage
To $1,000,000 |
| Individual Accounts |
| Jane |
$250,000 |
| Payable On Death (POD Accounts |
| Jane POD and John, Jr., Jane, Jr. |
$500,000 |
| Retirement Accounts |
| Jane |
$250,000 |
*Joint account with right of survivorship.
The ownership categories shown above have specific requirements
that must be met in order to receive the coverage indicated.
Failure to meet these requirements will result in funds
being aggregated, and insured to a maximum of $250,000.
Information on these requirements should be obtained from
the NCUA at the web address indicated below.
For
More Information On Your Insurance
Visit
the NCUA‡ website, or call 703/ 518-6300.
|
