Legislation has been passed that increases the level of federal insurance for credit union savings from
$100,000 to $250,000. But members can gain additional coverage, depending on the ownership style of the accounts.
For instance, it’s possible for a family of four to have the following coverage:
|
| Husband |
Individually owned |
$250,000 |
| |
|
|
| Wife |
Individually owned |
$250,000 |
| |
|
|
| Husband |
Individually owned with Wife
as Payable on Death Beneficiary. |
$250,000 |
| |
|
|
| Wife |
Individually owned with Husband
as Payable on Death Beneficiary.
|
$250,000 |
| |
| Husband/Wife |
Jointly owned |
$500,000 |
| |
|
|
| Husband |
Individually owned with two Children
as Payable on Death Beneficiaries |
$500,000 |
| |
|
|
| Wife |
Individually owned with two Children
as Payable on Death Beneficiaries |
$500,000 |
| |
| Total Coverage |
$2,500,000 |
|
In addition, Individual Retirement Accounts (IRAs)
are insured separately up to $250,000 |
|
Close |