Federally Backed Security
Federally Insured by the NCUA
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.
How to Maximize Your Coverage
Maximize your share insurance coverage by establishing different types of insured 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.
More Information
Calculate the insurance coverage of all types of share accounts offered by a federally insured credit union
Get more information from MyCreditUnion.gov on the Share Insurance Fund and how it protects you
Examples:
Married couple: coverage of $1,500,000
The standard share insurance amount is $250,000 per share owner, per insured credit union, for each account ownership category.
| INDIVIDUAL ACCOUNTS | NCUA COVERAGE |
|---|---|
| Spouse #1 | $250,000 |
| Spouse #2 | $250,000 |
| JOINT ACCOUNTS | NCUA COVERAGE |
|---|---|
| Spouses #1 and #2 | $500,000 ($250,000 each) |
| PAY ON DEATH ACCOUNTS | NCUA COVERAGE |
|---|---|
| Spouse #1 as POD for Spouse #2 | $250,000 |
| Spouse #2 as POD for Spouse #1 | $250,000 |
| TOTAL NCUA COVERAGE | $1,500,000 |
|---|
Family of four: coverage of $4 million
All members of federally insured credit unions have options for coverage that is separate from and in addition to the coverage available to their single ownership accounts.
| INDIVIDUAL ACCOUNTS | NCUA COVERAGE |
|---|---|
| Spouse #1 | $250,000 |
| Spouse #2 | $250,000 |
| Child #1 | $250,000 |
| Child #2 | $250,000 |
| JOINT ACCOUNTS | NCUA COVERAGE |
|---|---|
| Spouse #1 and Spouse #2 | $500,000 ($250,000 each) |
| Spouse #1 and Child #1 | $500,000 ($250,000 each) |
| Spouse #2 and Child #2 | $500,000 ($250,000 each) |
| Child #1 and Child #2 | $500,000 ($250,000 each) |
| PAY ON DEATH ACCOUNTS | NCUA COVERAGE |
|---|---|
| Spouse #1 as POD for Spouse #2 | $250,000 |
| Spouse #2 as POD for Spouse #1 | $250,000 |
| Spouse #1 as POD for Child #1 | $250,000 |
| Spouse #2 as POD for Child #2 | $250,000 |
| TOTAL NCUA COVERAGE | $4,000,000 |
|---|
