Share Insurance coverage
Here at South Florida Federal Credit Union, we understand that your money is important to you. To protect our members, we provide Share Insurance coverage, which is offered through the National Credit Union Administration (NCUA). As such, your funds are federally insured for up to $250,000 or more and are backed by the full faith and credit of the United States government.
What coverage does the NCUA provide?
All individual standard share accounts are insured for up to $250,000. This includes regular shares (savings account), share drafts (checking accounts), money market accounts, and share certificates. Retirement accounts such as traditional IRAs and Roth IRAs are covered for up to $250,000 and are insured collectively.
For example, a member at South Florida Federal Credit Union with a Share account and IRA account is covered:
|Type of Account||Funds Deposited||Funds Insured|
|Share account (interest bearing)||$200,000||$200,000|
|Traditional IRA (interest bearing)||$250,000||$250,000|
For more information about NCUA insurance coverage, view the NCUA Share Insurance brochure.
What if I need additional coverage?
Your accounts are eligible to receive additional government account insurance coverage at South Florida Federal Credit Union. For example, accounts with named qualifying beneficiaries receive up to $250,000 for each beneficiary designated on the account. Another way to increase your coverage is by having a joint account. Joint accounts without beneficiaries are insured separately for $250,000 each. This means that a joint account between two people is insured by the NCUA for $500,000. It is important to note that joint accounts titled with the same owners are insured aggregately to $250,000 regardless of how many different accounts there are.
South Florida Federal Credit Union will work with you to maximize the amount of coverage you are eligible to receive. Get peace of mind in knowing that no member has ever lost money insured by NCUSIF. If you have any questions, please stop by your local branch location, email us at email@example.com or call us at 305.545.0744 or 877.595.0744.