NCUA has your back, too

Yet another layer of protection for you.

At Royal Credit Union, you can trust that your accounts are safe and secure. The National Credit Union Administration (NCUA) provides an extra security blanket by guaranteeing your account up to $250,000.

Benefits

Here's some information from the NCUA regarding your insured funds:

  • The Emergency Economic Stabilization Act of 2008, signed into law on October 3, 2008, increased the insurance coverage on all accounts up to $250,000.
  • Properly established share accounts in federally insured credit unions are insured up to $250,000.
  • If a member has more than one account in the same credit union, all funds are added together and insured up to $250,000.
  • A member can have additional coverage on multiple accounts, but only if the accounts have different ownership interests or rights in different types of accounts.
  • Additional coverage is available on revocable trust or payable on death accounts.
  • On joint accounts, the co-owners' interest in all joint accounts in the same credit union will be added together and insured up to $250,000.
  • Traditional and Roth IRAs are insured up to $250,000 from other accounts that the member maintains in the same credit union.
  • However, both Traditional and Roth IRAs are added together and insured up to $250,000.
  • For revocable trust accounts, a member can have coverage up to $250,000 for each account that has a different beneficiary named to receive the funds.

The charts below show how a typical family may use multiple ownership of accounts to increase the insurance coverage for family funds:

FAMILY OF TWO*

Spouse 1

Individual Account

$250,000

Spouse 2

Individual Account

$250,000

Spouse & Spouse 2

Joint Tenancy Accounts

$500,000

Spouse 1 as trustee for Spouse 2

Testamentary Revocable Trusts

$250,000

Spouse 2 as trustee for Spouse 1

Testamentary Revocable Trusts

$250,000

Total: $1,500,000

 

FAMILY OF THREE*

Spouse 1

Individual Account

$250,000

Spouse 2

Individual Account

$250,000

Child

Individual Account

$250,000

Spouse 1 & Spouse 2

Joint Tenancy Accounts

$250,000

Spouse 1 & Child

Joint Tenancy Accounts

$250,000

Spouse 2 & Child

Joint Tenancy Accounts

$250,000

Spouse 1 as trustee for Spouse 2

Testamentary Revocable Trusts

$250,000

Spouse 1 as trustee for Child

Testamentary Revocable Trusts

$250,000

Spouse 2 as trustee for Spouse 1

Testamentary Revocable Trusts

$250,000

Spouse 2 as trustee for Child

Testamentary Revocable Trusts

$250,000

Total: $2,500,000

 

FAMILY OF FOUR*

Spouse 1

Individual Account

$250,000

Spouse 2

Individual Account

$250,000

Child 1

Individual Account

$250,000

Child 2

Individual Account

$250,000

Spouse 1 & Spouse 2

Joint Tenancy Accounts

$250,000

Spouse 1 & Child 1

Joint Tenancy Accounts

$250,000

Spouse 2 & Child 2

Joint Tenancy Accounts

$250,000

Child 1 & Child 2

Joint Tenancy Accounts

$250,000

Spouse 1 as trustee for Spouse 2

Testamentary Revocable Trusts

$250,000

Spouse 1 as trustee for Child 1

Testamentary Revocable Trusts

$250,000

Spouse 1 as trustee for Child 2

Testamentary Revocable Trusts

$250,000

Spouse 2 as trustee for Spouse 1

Testamentary Revocable Trusts

$250,000

Spouse 2 as trustee for Child 1

Testamentary Revocable Trusts

$250,000

Spouse 2 as trustee for Child 2

Testamentary Revocable Trusts

$250,000

Total: $3,500,000

Payable on Death

Additional insurance is granted when a POD on the account is a spouse, child, grandchild, parent or sibling. The funds in such accounts are insured for the owner up to a total of $250,000 for each beneficiary separately from each individual account for the owner.

 

 

 

 

 

The Fine Print

*Insurability of accounts and products can vary by situation. A useful tool to determine your eligibility can be found on the NCUA website by accessing the Share Insurance Estimator.