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With the combination of federal deposit insurance coverage from the National Credit Union Share Insurance Fund (NCUSIF) and excess deposit insurance from Excess Share Insurance (ESI), you receive share insurance protection up to $350,000 per account.
About the National Credit Union Administration
The National Credit Union Administration (NCUA) is an agency of the Federal Government and serves as the primary provider of deposit insurance.
The NCUA, an independent agency of the Federal Government, provides federal deposit insurance to you up to $100,000 per account through the NCUSIF. Individual share accounts held by the same Member are added together and insured up to $100,000.
IRA accounts and revocable trusts are insured separately up to $100,000 each.
Accounts with joint owners are insured separately from individual accounts up to $100,000.
Example of Account Protection
Married couples each can have single ownership share accounts, each insured up to $100,000. They can have a joint account insured for an additional $100,000. The couple can also each open an Individual retirement Account (IRA) account. Additionally, each could open a Revocable Trust account.
Family of Two |
Type |
Insurance Limit |
|
|
|
| Wife |
Single Ownership |
$100,000 |
| Husband |
Single Ownership |
$100,000 |
| Husband and Wife |
Joint Account |
$100,000 |
| Wife-IRA |
Single Ownership |
$100,000 |
| Husband-IRA |
Single Ownership |
$100,000 |
| Wife-ITF* husband |
Rev. Trust |
$100,000 |
| Husband-ITF* wife |
Rev. Trust |
$100,000 |
|
|
|
| Total Insurance |
|
$700,000 |
*ITF = In Trust For
About Excess Share Insurance
Excess Share Insurance, a subsidiary of American Share Insurance, is the nation's largest private deposit insurer for credit unions.
Two of our major objectives at Western are to operate in a financially sound manner and to protect our Members savings with the highest level of insurance available.
ESI's excess share insurance coverage provides up to an additional $250,000 to any credit union account currently subject to the maximum level of $100,000 in coverage provided by NCUA.
For example, if a Member has two credit union savings accounts, a regular savings account and an IRA, each of these is covered separately by federal insurance up to $100,000. Each would be eligible for ESI's excess coverage of $250,000 in addition to insurance coverage provided by NCUSIF. Therefore, these two accounts would have a combined total coverage of $700,000.
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