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Basic NCUSIF Share Insurance Coverage
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The basic insured amount for a credit union
member under current law is $250,000. Share accounts maintained in
different rights or capacities, or forms of ownership, may each be
separately insured up to $250,000. Thus, a member may hold or have
an interest in more than one separately insured share account in the
same insured credit union.
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Types of Accounts That Can Be Insured
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All types of member share accounts and deposits received
by the credit union in its usual course of business, including regular
shares, share certificates, and share draft accounts are insured.
If a member has a regular share account and an
Individual Retirement Account in the same credit union, each account
is insured up to $250,000.
The shares in your credit union are insured by
the National Credit Union Share Insurance Fund (NCUSIF) or the Fund,
an arm of NCUA. Established by Congress in 1970 to insure member
share accounts at federally insured credit unions, the Fund is managed
by NCUA under the direction of the three-person NCUA Board. Your
share insurance is similar to the deposit insurance protection offered
by the Federal Deposit Insurance Corporation (FDIC).
The NCUA Insurance booklet gives a more detailed
explanation of insurance coverage. Please pick up a booklet at the
main branch of USF Federal Credit Union, or visit the NCUA
website.
Not one penny of insured savings has ever been
lost by a member of a federally insured credit union.
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