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National Credit Union Share Insurance Fund (NCUSIF)
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.
In May 2009, Congress approved the $250,000 increased deposit coverage through 2013.
Coverage for single IRAs (Individual Retirement Accounts) is also $250,000. This change took effect in 2006.
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 use a calculator (estimator) that helps you determine how much coverage you can receive on your credit union deposits, click here to use the estimator on the NCUA site. As a Member of St. Cloud Federal Credit Union, you do not pay directly for your share insurance protection. St. Cloud Federal Credit Union pays into the NCUSIF a deposit based on the total amount of insured shares in the Credit Union.
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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