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Credit Union Share Insurance Basics - FAQs

Insured Funds

NCUA Elevations Credit Union is a member of the National Credit Union Administration (NCUA). Members' savings are federally insured to at least $250,000 and backed by the full faith and credit of the National Credit Union Administration (NCUA), an agency of the United States Federal Government.

  • Who insures the Credit Union's shares?

    The shares in Elevations Credit Union are insured by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States Government and is managed by the NCUA (National Credit Union Administration).

  • What about FDIC (Federal Deposit Insurance Corporation) insurance coverage?

    The NCUSIF share insurance for credit unions is similar to the deposit insurance protection offered by the FDIC for banks.

  • What types of accounts are insured?

    All types of member share accounts and deposits received by the credit union in its usual course of business, including regular shares, share certificates, and share draft accounts are insured.

  • What is the Standard Maximum Share Insurance Amount (SMSIA) for NCUSIF share insurance coverage?

    The SMSIA for a credit union member is defined as $250,000 and may be increased from time to time. Share accounts maintained in different rights or capacities, or forms of ownership, may each be separately insured up to the $250,000 SMSIA.

  • What kind of coverage is provided for traditional IRA and Roth IRA accounts?

    Traditional IRA and Roth IRA accounts are insured separately to $250,000 from other accounts that the member maintains in the same credit union. However, a member's Roth IRA will be added together with his/her traditional IRA and insured in the aggregate to the maximum of $250,000.

  • Is NCUSIF share insurance coverage increased by placing funds in two or more of the same kind of share accounts in the same credit union?

    No. NCUSIF share insurance is not increased merely by dividing funds owned by the same person or persons into one or more of the different kinds of accounts available. Insurance can be increased by opening a different type of account - one that is held in a different right and capacity.

  • If a member has more then one individual account in the same Credit Union is each account insured to the SMSIA?

    No. Individual share accounts held by the same member are added together and are insured up to the $250,000 SMSIA.

  • If a member has accounts in several different insured credit unions, will the accounts be added together for the purpose of insurance coverage?

    No. Share insurance is applied to share accounts in each insured credit union. A member who has share accounts in two or more different insured credit unions would have coverage up to the full insurable amount in each credit union.

  • When is this insurance needed?

    The federal insurance fund has several programs to help insured credit unions which may be experiencing problems; however, liquidations or failures are a last resort. In addition, not one penny of insured savings has ever been lost by a member of a federally insured credit union.

  • How can I find out how much my accounts are insured for?

    Refer to the NCUA Share Insurance Estimator to help you determine the coverage on your Elevations Credit Union accounts.

  • Does adding a beneficiary to an IRA increase the insurance amount?

    No. Adding a beneficiary to an IRA does not increase the insurance. It remains at $250,000.