Deposit Protection. Members’ funds are insured to $250,000 per member by the National Credit Union Share Insurance Fund in accordance with the terms and conditions of the National Credit Union Administration’s (NCUA) Rules and Regulations. Under the NCUA’s Rules and Regulations, up to $250,000 in deposit insurance will be provided for the money a Member has in a variety of accounts. In addition, Individual Retirement Accounts and other retirement accounts will be protected under the new rules to $250,000 and are insured separately from other accounts at the same Credit Union that will continue to be insured up to at least $250,000. Members exceeding the maximum level of coverage provided by NCUA may also be insured up to an additional $250,000 by insurance provided by Excess Share Insurance (ESI). Excess deposit insurance is payable only upon the failure and liquidation of the Credit Union. Please contact the Credit Union for more information. Additional coverage is available upon request from you at a nominal fee.
Appears in 2 contracts
Sources: Membership and Account Agreement, Membership and Account Agreement