How your money is insured
Learn all about the independent agency of the US government that insures your deposits with UNFCU.
What is NCUA insurance?
The National Credit Union Administration (NCUA) is an independent agency of the US government. It supervises US-based federal credit unions and insures deposits at federally insured credit unions.
If a federally insured credit union fails, the NCUA will reimburse members of that credit union.
Each member can be reimbursed at least $250,000 of the money they deposited with the credit union.
UNFCU is proud to be insured by the NCUA. All of our members globally are equally protected by this insurance.
Which of my accounts are protected?
| Ownership type | Definition | Protected account types | How much is protected? |
|---|---|---|---|
| Individual | Only your name is on the account. | Savings, high-yield savings, share certificates, checking | The combined amount of all your individual accounts up to $250,000. |
| Joint | Your name and one other person’s name are on the account. You have equal rights to the money. | Savings, high-yield savings, share certificates, checking | The combined amount of all your joint accounts up to $250,000 per owner. |
| Retirement* | Only your name is on the account. | Traditional IRA, Roth IRA | The combined amount of all your retirement accounts up to $250,000. |
* Only US citizens and permanent residents (green card holders) are able to open Investment Retirement Accounts (IRA). These accounts can offer US tax benefits. Please consult a tax advisor for more information.
How do I optimize the amount of money I have insured?
A UNFCU joint account is owned by up to two individuals. The combined amount of all your joint accounts is insured up to $250,000 per owner. This is in addition to your individual and retirement accounts.
| Your individual accounts | Up to $250,000 |
| Your joint accounts (if you only have one joint account) | Up to $500,000 ($250,000 per owner) |
| Your retirement accounts | Up to $250,000 |
| Total insured amount | Up to $1,000,000 |
What types of accounts are not insured?
The NCUA does NOT cover losses on insurance policies and investment accounts, including:
- Mutual funds
- Stocks
- Bonds
- Annuities
Further reading
Savings and checking accounts are both covered by NCUA insurance, but which is the best option for day-to-day spending? Learn about the key differences.
You may also be interested in
US tax Form W-8BEN for non-US taxpayers
Checking vs savings accounts
