DEPOSIT INSURANCE
YOUR MONEY IS SAFE AND INSURED AT COMMUNITYAMERICA
All CommunityAmerica deposit accounts are now federally insured up to $250,000 through the National Credit Union Share Insurance Fund (NCUSIF), which is an arm of the National Credit Union Administration (NCUA). IRAs and IRA Certificates are separately insured by NCUA up to $250,000, up to a total amount of $500,000.
CLICK HERE TO ESTIMATE YOUR SHARE
INSURANCE.
WHAT IS THE NCUA?
The NCUA is an independent agency of the U.S. Government established by Congress to
insure savings accounts and maintain sound conditions in the Credit Union system.
It's similar to FDIC insurance provided by banks.
WHAT ACCOUNTS ARE INSURED THROUGH NCUA?
Your credit union share savings account(s), checking account(s), Certificates of
Deposit account(s) and money market account(s).
The NCUA Insurance Call Center, operating from 8:00 a.m. to 6:30 p.m. (EDT) Monday through Friday, has insurance experts available to answer questions about the coverage provided by NCUA share insurance. The toll-free Insurance Call Center number is 1-800-755-1030, extension 1.
The NCUA electronic tool kit, online at http://www.ncua.gov/ShareInsurance/Index.htm, contains a variety of useful information on share insurance coverage.
HOW MUCH ARE MY ACCOUNTS INSURED UP TO?
INDIVIDUAL DEPOSIT ACCOUNTS - accounts held by the same member
are added together and are insured up to $250,000.
JOINT DEPOSIT ACCOUNTS - are insured separately from individual
accounts and are insured up to $250,000.
WHAT IS EXCESS SHARE INSURANCE (ESI)?
Excess Share Insurance insures only primary share savings accounts (i.e., 00 suffix:
regular share savings or trust) for an additional $250,000. ESI only applies when
your primary share savings account balance is more than $250,000. NCUA combined
with ESI coverage gives you protection of up to $500,000. This additional coverage
is provided at no cost to you as a member.
DEPOSIT INSURANCE EXAMPLES:
Example 1: John Doe has the following individual
accounts:
|
Share Savings Account: |
$60,000 |
|
Checking Account: |
$10,000 |
|
Share Certificate (CD): |
$180,000 |
|
TOTAL: |
$250,000 |
HOW MUCH IS JOHN INSURED FOR? John Doe would be insured for a total
of $250,000. NCUA insures combined funds up to $250,000.
Example 2: Roger Jones has the following individual
accounts:
|
Share Savings Account: |
$300,000 |
|
IRA: |
$200,000 |
|
TOTAL: |
$500,000 |
HOW MUCH IS ROGER INSURED FOR? Roger Jones would be insured for
a total of $500,000. NCUA insures combined funds up to $250,000 and an additional
$200,000 is covered separately for his IRA. ESI then covers the remaining $50,000.
Example 3: John Doe and Mary Doe have the following joint
accounts:
|
Share Savings Account: |
$60,000 |
|
Checking Account: |
$20,000 |
|
Share Certificate (CD): |
$200,000 |
|
TOTAL: |
$280,000 |
HOW MUCH ARE JOHN AND MARY INSURED FOR? John Doe and Mary Doe would
be insured for a total of $280,000, or $140,000 each. NCUA insures combined funds
up to $250,000 for each owner.
Example 4: Martin Jackson has the following individual AND
joint accounts with Melanie Jackson:
|
Martin's Individual Accounts |
|---|
|
Share Savings Account: |
$60,000 |
|
Money Market: |
$10,000 |
|
Share Certificate (CD): |
$20,000 |
|
TOTAL: |
$90,000 |
|
Martin and Melanie's Joint Accounts |
|---|
|
Share Savings Account: |
$80,000 |
|
Checking Account: |
$12,000 |
|
Share Certificate (CD): |
$175,000 |
|
TOTAL: |
$267,000 |
HOW MUCH ARE MARTIN AND MELANIE INSURED FOR? Martin Jackson would
be insured for $90,000 on his individual accounts and an additional $135,500 for
his joint accounts with Melanie. Melanie Jackson would be insured for a total of
$135,500 for her joint accounts with Martin.