Your Funds Are Insured

Your Money is Insured up to $250,000
The money on deposit at Cornerstone Federal Credit Union, by each individual member, is insured by the National Credit Union Administration (NCUA). These funds are insured for up to $250,000. This limitation applies to the total of a person’s funds in Share Draft (Checking), Share Savings, Money Market Plus, and Certificate accounts.

Joint holders also have an additional $250,000 of insurance. This coverage is only available if both parties have an equal interest in the account.

How a husband and wife may have insured accounts totaling $1,500,000:

~ Individual Accounts
Husband – $250,000
Wife – $250,000

~ Joint Accounts
Husband and Wife – $500,000

~ Revocable Trusts
Husband as Trustee for Wife – $250,000

Wife as Trustee for Husband – $250,000

Additional coverage is available if there are accounts established for children. Each child becomes insured for $250,000 for his or her individual account and then additional coverage applies if they are joint owners of another account.

How a husband, wife and one child may have insured accounts totaling $3,000,000:

~ Individual Accounts
Husband – $250,000

Wife – $250,000
Child – $250,000

~ Joint Accounts
Husband and Wife – $250,000
Husband and Child – $250,000
Wife and Child – $250,000

~Revocable Trusts
Husband as Trustee for Wife – $250,000
Husband as Trustee for Child – $250,000
Wife as Trustee for Husband – $250,000
Wife as Trustee for Child – $250,000
Child as Trustee for Father – $250,000
Child as Trustee for Mother – $250,000

If you have more than one child, then the amount of insurance increases according to the number and types of accounts you have established.

Individual Retirement Accounts are insured separately up t $250,000 per individual.

Note: The NCUA cannot officially sanction and approve this Web page because the examples, although generally accurate, are designed to simplify, in layman’s terms, rather complex rules that in some circumstances may only be fully understood in the statutory and regulatory context in which they were written.