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Here are some important facts to remember about your share insurance provided by the NCUSIF:
- Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
- Share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), $250,000.
- 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.
- You may obtain additional separate 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 $250,000 and the IRA is separately insured up to $250,000. However, if you have a regular share account, a share certificate, and a share draft account, all in your own name, you will not have additional coverage. Those accounts will be added together and insured up to $250,000 as your individual account.
- Coverdell Education Saving Accounts, formerly education IRAs, are insured as irrevocable trust accounts and will be added to a member’s other irrevocable trust accounts and insured up to the SMSIA. Roth IRAs will be added together with traditional IRAs and insured up to $250,000.
- Additional coverage is available on revocable trust or payable on death accounts on a per beneficiary basis. A co-owner’s interest in all joint accounts in the same credit union will be added together and insured up to the SMSIA.
- For additional information on share insurance coverage, visit the NCUA website and view the brochure "Your Insured Funds."
- You may also use the NCUA Share Insurance Estimator to calculate your coverage.
Introducing Our Financial Education Center
That's why we have partnered with BALANCE, a financial fitness program that provides information to help you achieve your goals.
BALANCE is designed to provide Eagle Credit Union members with comprehensive, professional assistance with all aspects of personal finance. In many cases, BALANCE counselors can answer your questions immediately.
- How can I design a realistic budget to achieve my financial goals?
- What are my options for getting out of debt?
- I want to buy a home in the next few years.
- How can I prepare for that?
- How can I get a copy of my credit report?
If you have more complex issues, an appointment will be scheduled to allow you more time to discuss your situation. You can access these free, confidential financial counseling services six days a week. BALANCE counselors are available: Monday - Thursday 5am - 8pm, Friday 5am - 5pm, and Saturday 8am - 5pm.
Just call a BALANCE counselor toll-free at (888) 456-2227 and let them know you're an Eagle member. Please visit the BALANCE web site for more information about their financial fitness program.
We hope you will take advantage of BALANCE, another benefit of your membership in Eagle Credit Union.
24 Hours (800) 924-3133