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Maximize Share Insurance

Your savings are federally insured to at least $250,000 - or much more.

Federally Backed Security

Enjoy added peace of mind knowing that your deposits with Sandia Area are federally insured through the National Credit Union Administration (NCUA), a U.S. government agency. The NCUA is backed by the full faith and credit of the U.S. government. Not one penny of insured savings has ever been lost by a member of a federally insured credit union. Each account holder's funds are insured to at least $250,000, and retirement accounts such as Individual Retirement Accounts are separately insured up to $250,000.

Maximize your share insurance coverage by establishing different types of insurance accounts. Because the NCUA insures accounts in different ownership categories separately, if your savings exceed the amount covered by the basic insurance limits you can extend your NCUA share insurance coverage by establishing different types of accounts.  You can also get up to $250,000 of additional insurance for your interest in joint accounts and for trust accounts of which you are a beneficiary. Here are two examples:


Married couple extends share insurance coverage to $1,250,000

INDIVIDUAL ACCOUNTS NCUA COVERAGE
Husband $250,000
Wife $250,000
   
JOINT ACCOUNTS NCUA COVERAGE
Husband and wife $250,000
   
POD ACCOUNTS NCUA COVERAGE
Husband as POD for wife $250,000
Wife as POD for husband $250,000
   
TOTAL NCUA COVERAGE $1,250,000
   

Family of four gets coverage of $3 million

INDIVIDUAL ACCOUNTS NCUA COVERAGE
Husband $250,000
Wife $250,000
Child #1 $250,000
Child #2 $250,000
   
JOINT ACCOUNTS NCUA COVERAGE
Husband & wife $250,000
Husband & child #1 $250,000
Wife & child #2 $250,000
Child #1 and child #2 $250,000
   
POD ACCOUNTS NCUA COVERAGE
Husband as POD for wife $250,000
Wife as POD for husband $250,000
Husband as POD for child #1 $250,000
Wife as POD for child #2 $250,000
   
TOTAL NCUA COVERAGE $3,000,000

 

 

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