Rest Assured….You’re Insured!
NCUSIF $250,000 Insurance Limit extended through December 31, 2013
The National Credit Union Share Insurance Fund (NCUSIF) insurance limit for savings, checking and certificate accounts is generally $250,000 per insured account which was first increased from $100,000 by Federal Legislation, the Emergency Economic Stabilization Act of 2008, signed by President Bush on Friday, October 3, 2008, to be effective until December 31, 2009. On May 20 2009, President Obama signed Federal Legislation, The Helping Families Save Their Homes Act of 2009, which continued this increased level of insurance coverage on all insured accounts of up to $250,000 through December 31, 2013.
Share deposit accounts in Southern Mass Credit Union are insured by the NCUSIF which is backed by the full faith and credit of the United States. Your federal share insurance is similar to the deposit insurance protection provided for bank depositors by the Federal Deposit Insurance Corporation (FDIC). You may receive separate additional federal insurance for joint accounts with your spouse and children, as well as certain trust accounts. The federal share insurance limit is $250,000 for retirement accounts such as Traditional and Roth IRAs (Individual Retirement Accounts) and Keogh accounts.
Amounts in excess of the federal limits are insured to the amount stated below by the Massachusetts Credit Union Share Insurance Corporation (MSIC). MSIC is an industry-sponsored cooperative credit union insurance fund created under Massachusetts state law in 1961.
MSIC provides these additional protections:
-Single accounts up to $600,000 with the first $250,000* insured by NCUSIF
-Joint accounts up to $1,200,000 with the first $250,000* insured by NCUSIF
-Organization/Business Accounts up to $1,200,000 with the first $250,000* insured by NCUSIF.
-IRA Accounts have unlimited coverage with the first $250,000 insured by NCUSIF.
For purposes of these limits, all of your accounts are aggregated by the type of account. For example, all of your single accounts (where you are the sole owner of the account) are, in the aggregate, subject to the $600,000 limit. Likewise, all of your joint accounts (where you are an owner of the account with one or more persons) are, in the aggregate, subject to the $1.2 million limit.
* Increased from $100,000 by Federal Legislation, the Emergency Economic Stabilization Act of 2008, signed by President Bush on Friday, October 3, 2008, and continued through December 31, 2013 by Federal Legislation, The Helping Families Save Their Homes Act of 2009, signed by President Obama on May 20, 2009.
Click here for a video on NCUSIF Insurance Protection from the NCUA.
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