The NCUA Board has issued a new rule
increasing share insurance limits to $250,000
for retirement accounts such as Traditional and
Roth IRAs (Individual Retirement Accounts) and
Keogh accounts. Your APGFCU regular share account
remains insured up to $100,000. |
If you have more than one account at APGFCU, the accounts
are added together and insured up to $100,000. However,
there are exceptions. Share accounts maintained in different
rights or capacities, or forms of ownership, may each
be separately insured up to $100,000 and $250,000 for
certain retirement accounts.
For example, a family of four may have up to $3 million
in NCUSIF coverage:
| Type
of Account |
Amount
Insured |
| Individual Account of Husband |
$100,000 |
| Individual Account of Wife |
$100,000 |
| Individual Account of Child #1 |
$100,000 |
| Individual Account of Child #2 |
$100,000 |
Joint Accounts for Husband & Wife |
$100,000 |
| Joint Accounts for Husband & Child #1 |
$100,000 |
| Joint Accounts for Wife & Child #2 |
$100,000 |
| Joint Accounts for Child #1 & Child #2 |
$100,000 |
| Testamentary Revocable Trust Account with Husband
as Trustee for Wife |
$100,000 |
| Testamentary Revocable Trust Account with Husband
as Trustee for Child #1 |
$100,000 |
| Testamentary Revocable Trust Account with Husband
as Trustee for Child #2 |
$100,000 |
| Testamentary Revocable Trust Account with Wife
as Trustee for Husband |
$100,000 |
| Testamentary Revocable Trust Account with Wife
as Trustee for Child #1 |
$100,000 |
| Testamentary Revocable Trust Account with Wife
as Trustee for Child #2 |
$100,000 |
| Testamentary Revocable Trust Account with Child #1
as Trustee for Child #2 |
$100,000 |
| Testamentary Revocable Trust Account with Child #1
as Trustee for Father |
$100,000 |
| Testamentary Revocable Trust Account with Child #1
as Trustee for Mother |
$100,000 |
| Testamentary Revocable Trust Account with Child #2
as Trustee for Child #1 |
$100,000 |
| Testamentary Revocable Trust Account with Child #2
as Trustee for Father |
$100,000 |
| Testamentary Revocable Trust Account with Child #2
as Trustee for Mother |
$100,000 |
| Individual Retirement Account of Husband |
$250,000 |
| Individual Retirement Account of Wife |
$250,000 |
| Individual Retirement Account of Child #1 |
$250,000 |
| Individual Retirement Account of Child #2 |
$250,000 |
| Total
Amount Insured: |
$3 million |
As a member of APGFCU, you do not pay directly for
your share insurance protection. APGFCU pays into the
NCUSIF a deposit, and an insurance assessment, based
on the total amount of insured shares and deposits in
the credit union. Insured credit unions are required
to deposit and maintain one percent of their insured
shares and deposits in the NCUSIF.
This Share Insurance coverage is an extra measure of
protection for your money in share savings, share draft/checking,
money market, share certificate, trust funds, and retirement
accounts. Having this coverage protects you in the case
that APGFCU ever gets into financial difficulties and
has to close. Not one penny of insured savings has ever
been lost by a member of a federally insured credit
union. The NCUSIF is backed by the full faith and credit
of the United States government.
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