If you have more than $250,000 in your account, you may think you should withdraw it and deposit it elsewhere to get insurance coverage on it. That’s not necessary; you can increase your coverage by opening new accounts here.
Simply put anything over $250,000 in new accounts under different ownership combinations. For instance, open one in your name only, another in your spouse’s name only, another in a joint account and so on. Each account, as long as the names on the account are different, is insured separately by the full faith and credit of the US Government. See how two adults can get $1.1 million of coverage, or parents with two children can protect up to $1.5 million in deposits with federal insurance now.
We never engaged in the high-risk lending practices responsible for the financial crisis faced by the banking and mortgage industries. By practicing sound financial management, and prudent lending policies, credit unions have avoided problems and are as strong as ever.
All members receive $250,000 deposit insurance by the National Credit Union Administration, a U.S. Government Agency.