The National Credit Union Administration (NCUA) is the federal agency that administers the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF, like the FDIC’s Deposit Insurance Fund, is a federal insurance fund backed by the full faith and credit of the U.S. Government. The NCUSIF insures member savings at ABE Federal Credit Union. Credit unions that are insured by NCUSIF must prominently display the official NCUA insurance sign. No credit union may terminate its federal insurance without first notifying its members. Your savings are federally ensured to at least $250,000.
NOTICE OF CHANGES
IN TEMPORARY NCUA INSURANCE COVERAGE
FOR TRANSACTION ACCOUNTSAll funds in a “noninterest-bearing transaction account” are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules.The term “noninterest-bearing transaction account” includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal (“NOW”) account, money market deposit account and Interest on Lawyers Trust Account (“IOLTA”), even if share drafts may be drawn on the account.
Various helpful resources regarding NCUA’s share insurance protection.
- E-Calculator Share Insurance Estimator. On July 22, 2010 the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law and includes permanently establishing NCUA’s standard maximum share insurance amount to $250,000. All deposit insurance resources reflect this higher level of coverage.
- Suze Orman Share Insurance National Public Service Announcement Videos
