Deposit Insurance

Federal Deposit Insurance from the National Credit Union Administration (NCUA)

NOTICE OF CHANGES in temporary NCUA Insurance coverage for transaction accounts.

At Credit Union of Texas, your funds are insured by the National Credit Union Share Insurance Fund (NCUSIF), which insures savings of at least up to $250,000 per account. Certain retirement accounts benefit from additional coverage of up to $250,000. This insurance means your accounts are backed by the full faith and credit of the U.S. government. What does share insurance coverage mean for you?

Individual Accounts: All CUofTX deposit accounts (other than IRA deposits) owned by one person are combined and insured to $250,000.

IRAs: All CUofTX IRA accounts are combined and insured to $250,000.

Joint Accounts: CUofTX accounts with two or more owners, each having equal share, are combined and insured to $250,000 for each owner.

Payable on Death (POD) Accounts: At least one person names at least one qualified beneficiary to receive an account balance if the owner dies. The owner is insured to $250,000 for each beneficiary.

Revocable Trust Accounts: At least one person names at least one qualified beneficiary to receive an account balance if the owner dies. The owner is insured to $250,000 for each beneficiary.

This sample scenario illustrates coverage for a family of four.

Since coverage is defined by ownership, you may be able to receive coverage beyond the above limits, depending on how your account ownership is structured.

For more details, please read:

Learn How Your Accounts Are Insured
CU Retirement Account Coverage
NCUA Share Insurance Estimator - Calculate your share insurance protection

News:

A temporary increase from $100,000 to $250,000 was effective from October 3, 2008, through December 31, 2009. On May 20, 2009, the temporary increase was extended through December 31, 2013, and now, under new legislation in July 2010, the $250,000 federal insurance protection has become permanent.

Experts are available to answer questions about share insurance
NCUA Insurance Call Center, operating from 8 a.m. to 6:30 p.m. (EDT) Monday through Friday, has insurance experts available to answer questions about the coverage provided by NCUA share insurance. The toll-free Insurance Call Center number is 1-800-755-1030, extension 1.