National Credit Union Share Insurance Fund (NCUSIF)

NOTICE OF CHANGES IN TEMPORARY NCUA INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a ‘‘noninterest-bearing transaction account’’ are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules. The term ‘‘noninterest-bearing transaction account’’ includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal (‘‘NOW’’) account, moneymarket deposit account, and Interest on Lawyers Trust Account (‘‘IOLTA’’), even if share drafts may be drawn on the account. For more information about temporary NCUA insurance coverage of transaction accounts, visit www.ncua.gov.

The deposit (share) insurance at St. Cloud Federal Credit Union is similar to deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Federal Savings and Loan Insurance Corporation (FSLIC).

Share accounts in federally insured Credit Unions are insured for at least $250,000, an amount equal to the insurance protection offered by the FDIC and FSLIC.

Coverage for single IRAs (Individual Retirement Accounts) is also $250,000.

Generally, if an individual Credit Union Member has more than one account in the same insured Credit Union, those accounts are added together and are insured for at least $250,000. We have several NCUA Insurance booklets which give a more detailed explanation of insurance coverage. Ask Member Services for a copy. Also, refer to the charts below for an explanation of how to extend your family coverage beyond $250,000.

The National Credit Union Administration (NCUA) is an independent agency of the U.S. Government. The NCUA regulates, charters, and insures the nation's federal Credit Unions. Not one penny of insured savings has ever been lost by a member of a federally-insured Credit Union. Your deposits in the Credit Union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the NCUA. To calculate how much coverage you can receive on your Credit Union deposits, click here to use the estimator on the NCUA web site.

Can I get NCUA Protection for more than $250,000?

Yes! The following tables clearly illustrate how families can protect large amounts of savings by combining various accounts with different ownerships to assure the maximum insurance protection. In each of these cases, the total balances shown are the maximum amounts allowable with all accounts being fully insured. The examples use the $250,000 coverage. (It is assumed that the identified account owners are the actual owners.)

Husband & Wife with Insured Accounts Totaling $ 1,500,000		Parent & One Child with Insured Accounts Totaling $1,500,000
*Individual Accounts*		*Individual Accounts*
Husband	$250,000	Parent	$250,000
Wife	$250,000	Child	$250,000
*Joint Accounts*		*Joint Accounts*
Husband & Wife (Joint Tenancy - joint account with right of survivorship)	$500,000	Parent & Child (Joint Tenancy - joint account with right of survivorship)	$500,000
*Revocable Trust Accounts*		*Revocable Trust Accounts*
Husband as Trustee for Wife	$250,000	Parent as Trustee for Child	$250,000
Wife as Trustee for Husband	$250,000	Child as Trustee for Parent	$250,000

Husband, Wife and One Child with Insured Accounts Totaling $3,000,000		Grandparent, Parent and Two Children with Insured Accounts Totaling $4,500,000
*Individual Accounts*		*Individual Accounts*
Husband	$250,000	Grandparent	$250,000
Wife	$250,000	Parent	$250,000
Child	$250,000	Child 1	$250,000
Joint Accounts		Child 2	$250,000
Husband & Wife	$250,000	*Joint Accounts*
Husband & Child	$250,000	Grandparent & Parent	$250,000
Wife & Child	$250,000	Grandparent & Child 1	$250,000
*Revocable Trust Accounts*		Parent & Child 2	$250,000
Husband as Trustee for Wife	$250,000	Child 1 & Child 2	$250,000
Husband as Trustee for Child	$250,000	*Revocable Trust Accounts*
Wife as Trustee for Husband	$250,000	Grandparent as Trustee for Parent	$250,000
Wife as Trustee for Child	$250,000	Grandparent as Trustee for Child 1	$250,000
Child as Trustee for Father	$250,000	Grandparent as Trustee for Child 2	$250,000
Child as Trustee for Mother	$250,000	Parent as Trustee for Grandparent	$250,000
		Parent as Trustee for Child 1	$250,000
Husband, Wife and Two Children with Insured Accounts Totaling $5,000,000		Parent as Trustee for Child 2	$250,000
*Individual Accounts*		Child 1 as Trustee for Parent	$250,000
Husband	$250,000	Child 1 as Trustee for Child 2	$250,000
Wife	$250,000	Child 2 as Trustee for Parent	$250,000
Child 1	$250,000	Child 2 as Trustee for Child 1	$250,000
Child 2	$250,000
*Joint Accounts*		Grandparent and Two Grandchildren with Insured Accounts Totaling $2,500,000
Husband & Wife	$250,000	*Individual Accounts*
Husband & Child 1	$250,000	Grandparent	$250,000
Wife & Child 2	$250,000	Grandchild 1	$250,000
Child 1 & Child 2	$250,000	Grandchild 2	$250,000
*Revocable Trust Accounts*		*Joint Accounts*
Husband as Trustee for Wife	$250,000	Grandparent & Grandchild 1	$250,000
Husband as Trustee for Child 1	$250,000	Grandparent & Grandchild 2	$250,000
Husband as Trustee for Child 2	$250,000	Grandchild 1 & Grandchild 2	$250,000
Wife as Trustee for Husband	$250,000	*Revocable Trust Accounts*
Wife as Trustee for Child 1	$250,000	Grandparent as Trustee for Grandchild 1	$250,000
Wife as Trustee for Child 2	$250,000	Grandparent as Trustee for Grandchild 2	$250,000
Child 1 as Trustee for Father	$250,000	Grandchild 1 as Trustee for Grandchild 2	$250,000
Child 1 as Trustee for Mother	$250,000	Grandchild 2 as Trustee for Grandchild 1	$250,000
Child 1 as Trustee for Child 2	$250,000
Child 2 as Trustee for Father	$250,000
Child 2 as Trustee for Mother	$250,000
Child 2 as Trustee for Child 1	$250,000

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© St. Cloud Federal Credit Union
(320) 252.2634 or 1.888.252.2634
3030 First Street South, St. Cloud MN 56301
1716 Pine Cone Road South, Sartell MN 56377