Federally Insured Safety
When saving money, getting a good savings yields is only part of the story. You must also consider security.
Your money is safe at Schools 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 insured up to $250,000, the same as FDIC coverage. Individual Retirement Accounts are insured separately, 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 Schools FCU and maximize your federal insurance coverage.
Here are some examples of how it’s possible to maximize 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 John, Jr. | $250,000 |
| Jane POD John, Jr. | $250,000 |
| John POD Jane | $250,000 |
| Jane POD 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 John, Jr., Jane, Jr. | $500,000 |
| Jane POD John, Jr., Jane, Jr. | $500,000 |
| John POD Jane | $250,000 |
| Jane POD 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 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 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 web site, or call 703/ 518-6300.
