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Deposit Insurance

Your money is protected and federally insured

The money you have on deposit at Members Choice Credit Union is insured by the National Credit Union Share Insurance Fund (NCUSIF), a fund backed by the federal government. Deposit Insurance is simply added peace of mind that your money is safe. Federal insurance protects the money in all of your deposit accounts, for up to $250,000, or more depending on your account setup options. Some conditions apply, see more below.

NCUA Share Insurance Overview
Learn more about how federally insured deposits work, and options to receive more than $250,000 deposit insurance based on your account setup options.
NCUA Share Insurance Estimator
If you are looking for information specific to your personal finances, the NCUA Share Insurance Estimator lets you know how share insurance rules apply to your share accounts.

NCUA Share Insurance Coverage
This one-page flyer is easy to follow and highlights the basic share insurance coverage provided by NCUA for various account ownership types.

How you are covered

Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the U.S. Government, the National Credit Union Administration, a U.S. Government Agency. The $250,000 in coverage applies to each share owner, per insured credit union, for each account ownership category. 

The money you have on deposit at Members Choice Credit Union is insured by the National Credit Union Share Insurance Fund (NCUSIF), a fund backed by the federal government. Deposit Insurance is simply added peace of mind that your money is safe. Federal insurance protects the money in all of your deposit accounts.


Some limits apply to how you are covered: 
  • All members of federally insured credit unions are insured up to $250,000. If you have $250,000 or less on deposit, you’re covered 100 percent.
  • Retirement accounts are insured separately – in addition to your non-retirement accounts. Your money in Traditional and Roth IRAs is protected to a combined total of $250,000. If you have several IRAs at Members Choice with balances that add up to $250,000 or less, deposit insurance covers you 100 percent.
  • Depending on what type of accounts you have at Members Choice, you can potentially be covered for several hundred thousand dollars or more. Joint account owners with equal rights to an account are each insured up to $250,000.

NCUA Share Insurance Estimator

If you are looking for information specific to your personal finances, the NCUA Share Insurance Estimator lets you know how share insurance rules apply to your share accounts. The estimator tool helps you determine what is insured and what portion (if any) exceeds coverage limits. To access the Share Insurance Estimator Home, visit the My Credit Union site.

Share Insurance Estimator

Benefits of a Federally Insured Credit Union

The benefits of keeping your money in a federally insured credit union go beyond dollar amounts. The NCUA (National Credit Union Administration) — our federal regulator — has strict operating standards that credit unions must adhere to in order to qualify for federal insurance in the first place. As a result, the NCUA regularly monitors credit unions to assure that they continue operating successfully.

If you'd like assistance from one of our Member Advocates to help you better understand your deposits, or walk through the NCUA Share Insurance Calculator with you, please Contact Us.












Disclosures

If not currently a Members Choice member, a $5 deposit is needed to establish membership. All memberships are subject to approval including credit approval.