When you deposit your money with CCCU, it's protected against loss up to $250,000 by the NCUA (National Credit Union Administration). Essentially, it's the same protection the FDIC offers its bank customers. This insurance protects you from the loss of your principal deposit of at least $250,000 in the case of a failure or serious financial impairment of the financial institution.
EXAMPLE FOR MAXIMIZING COVERAGE
The following example shows how a family of four (Mother Jane, Father Tom, and two children Bobby and Charlotte) can maximize share insurance coverage.
AMOUNT OF COVERAGE
SINGLE ACCOUNT OF JANE
SINGLE ACCOUNT OF TOM
JOINT ACCOUNT OF TOM & JANE
IRA FOR JANE
IRA FOR TOM
TOM, POD FOR BOBBY & CHARLOTTE
JANE, POD FOR BOBBY & CHARLOTTE
The slide show below will walk you through the basics of share insurance. The slides focus on the types of accounts, and how to set up your accounts to maximize coverage. There are real-world examples to help you understand share insurance coverage.
ABOUT NCUA SANCTION
The NCUA cannot officially sanction and approve these examples because, although generally accurate, they are designed to simplify in layman's terms rather complex rules that in some circumstances may only be fully understood in the statutory and regulatory context in which they were written.
For more information about the NCUA, visit the NCUA website at http://www.ncua.gov