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Frequently Asked Questions/Insured Funds
Is my money insured at the Credit Union?
Yes, your savings are insured by the National Credit Union Association (NCUA), a United States government agency. Not one dollar of NCUA-protected money has ever been lost by a credit union member.
How much of my savings is insured?
Basic insurance covers up to $250,000 for savings accounts and an additional $250,000 for retirement accounts. There are many ways to qualify for more than the $250,000 coverage at MSDFCU. (See chart below for examples of how your coverage increases as the number of family members increases in your household. Joint accounts in the examples have right of survivorship.) Each member may have the $250,000 coverage for their individual account and another $250,000 aggregate for each of their joint-owner relationships as well. You may also qualify for an additional $250,000 of coverage on Trustee accounts.
Account Types |
Purpose |
Coverage Limit |
Individual Member Coverage |
Individual |
Individual Savings |
$250,000 |
IRA |
Retirement |
$250,000 |
Total |
$500,000 |
Two Member Family Coverage |
Individual |
Husband’s Savings Account |
$250,000 |
Individual |
Wife’s Savings Account |
$250,000 |
Joint |
Husband & Wife Joint Savings Account |
$500,000 |
Revocable Trust |
Husband as Trustee for Wife |
$250,000 |
Revocable Trust |
Wife as Trustee for Husband |
$250,000 |
IRA |
Husband and Wife (each have $250.000) |
$500,000 |
Total |
$2,000,000 |
Three Member Family Coverage |
Individual |
Husband’s Savings Account |
$250,000 |
Individual |
Wife’s Savings Account |
$250,000 |
Individual |
Child’s Savings Account |
$250,000 |
Joint |
Husband & Wife Joint Savings Account |
$250,000 |
Joint |
Husband & Child Joint Savings Account |
$250,000 |
Joint |
Wife & Child Joint Savings Account |
$250,000 |
Revocable Trust |
Husband as Trustee for Wife |
$250,000 |
Revocable Trust |
Husband as Trustee for Child |
$250,000 |
Revocable Trust |
Wife as Trustee for Husband |
$250,000 |
Revocable Trust |
Wife as Trustee for Child |
$250,000 |
Revocable Trust |
Child as Trustee for Father |
$250,000 |
Revocable Trust |
Child as Trustee for Mother |
$250,000 |
IRA |
Husband, Wife and Child (each have $250,000) |
$750,000 |
Total |
3,750,000 |
Example shows husband/wife and husband/wife/child. Same coverage applies to any mix of parent, child, siblings, and grandparents. Return To FAQ Topics
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