Here are some important facts to remember about your share insurance provided by the NCUSIF:

 (Nation Credit Union Share Insurance Fund)

Not one penny of insured savings has ever been lost by a member of a federally insured credit union.

As a member of a federally insured credit union, you do not pay directly for your share insurance protection. Your credit union places a deposit into the NCUSIF and pays an insurance assessment based on the total amount of insured shares and deposits in the credit union.  Federally insured credit unions are required to deposit and maintain one percent of their insured shares and deposits in the NCUSIF.

Most share accounts in federally insured credit unions are insured up to the Standard Maximum Share insurance Amount ( SMSIA), $100,000 as of April 2006, which may increase in the future.  2006 legislation increased the insurance coverage on certain retirement accounts, such as IRAs and Keoghs, up to $250,000. Generally, if a credit union member has more than one account in the same credit union, those accounts are added together and insured in the aggregate.

THERE ARE EXCEPTIONS. You may obtain additional seperate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. For example, if you have a regular share account and an Individual Retirement Account (IRA) at the same credit union, the regular share account is insured up to $100,000 and the IRA is seperately insured up to $25,000. However, if you have a regular share account, a share certificate, and a share draft account, all in you name, you will not have additional coverage.  Those accounts will be added together and insured up to $100,000 as your individual account. Additionally, shares denominated in foreign currencies are insured as outlined in NCUA Rules and Regulations.