Understanding how your accounts are insured

BHA Residents Community Development FCU values the trust you have placed in us as your financial institution. That’s why we want to ensure that you understand the insurance protection you have as a credit union member.

The National Credit Union Administration (NCUA) is the federal government agency that charters and supervises federal credit unions. NCUA also manages the National Credit Union Share Insurance Fund (NCUSIF). Backed by the U.S. government, NCUSIF insures the accounts of millions of account holders in all federal credit unions, including BHARCD FCU, and the majority of state-chartered credit unions as well.

To help you understand more about the insurance coverage, BHARCD FCU has answered some of the most commonly asked questions below.

Q.  Is my money FDIC insured?

A.  BHARCD FCU members are insured by the NCUA which is the credit union equivalent to the FDIC.

Q.  FDIC Insurance has increased to $250,000. Has NCUA insurance coverage increased, too?

A.  President Bush signed into law the emergency bailout bill. The bill called for increasing federal deposit insurance from $100,000 to $250,000. This increase covers both FDIC- and NCUA-insured accounts. This increase is temporary. It will be in effect until December 31, 2009.

Q. How much insurance do I have?

A.  Individual credit union accounts are now insured up to at least $250,000, but there are also options for higher coverage, depending on the ownership status of the accounts (whether it’s an individual, joint, or trust ownership). In the case of trusts, additional insurance is available by adding beneficiaries to the account.

Q. How does the NCUA insurance coverage work?

A.  If you have a regular share account at the same credit union, the regular share account is now insured up to $250,000. However, if you have a regular share account, a share certificate, and a share draft account, all in your own name, you will not have coverage over $250,000. Each account balance will be added together and insured up to $250,000. Also, if you have joint accounts, those accounts are insured separately from your individual accounts(s) up to an aggregate total of $250,000.

Q. I have more than $250,000 on deposit at BHARCD FCU. How can I get additional protection?

A. Depending on the ownership status of your accounts (whether it is an individual, joint, or trust ownership) your coverage may already exceed $250,000. In the case of trusts, additional insurance is available by adding beneficiaries to the account.

Q. Where can I get additional information?

A.  Visit this link provided by the NCUA for more details about your account insurance. 

http://www.ncua.gov/Publications/brochures/FCUFacts/HowAccountInsured_7P.pdf

Q. Can I talk to someone about my questions?

A. The NCUA Insurance Call Center, operating from 8 a.m. to 6:30 p.m. (EDT) Monday through Friday, has insurance experts available to answer questions about the insurance coverage provided by the NCUA. The toll-free Insurance Call Center number is 1-800-755-1030, extension 1.