Your Insured Funds
The NCUA insures share accounts at Priority First Federal Credit Union up to $250,000 per qualifying account. You can increase your coverage by opening different types of accounts because the $250,000 is per qualifying account.
Recent legislation has also provided for temporary insurance on share draft accounts or non-interest bearing transaction accounts as shown below.
Notice of Changes in Temporary NCUA Insurance Coverage for Transaction Accounts
In accordance with the Dodd-Frank Wall Street reform and Consumer Protection Act, through December 31, 2012, all funds in “noninterest-bearing transaction accounts” are insured in full by the National Credit Union Administration. This unlimited coverage is in addition to , and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules.
The term “noninterest-bearing transaction account” includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no dividend. It does not include any transaction account that may earn dividends, such as a negotiable order of withdrawal (“NOW”) account. money-market account, or Interest on Lawyers Trust Account (“IOLTA”), even if share drafts may be drawn on the account.
The termporary full insurance coverage of “noninterest-bearing transaction accounts” expires on December 31, 2012. After December 31, 2012, funds in noninterest-bearing transcation accounts wil be insured under the NCUA’s gebneral share insurance rules, subject to the Standard Maximum Share Insurance Amount of $250,000.
To get more information on NCUA insurance provided through the NCUSIF, click here.