Space Age Accounts Are Insured Up to $250,000
In an uncertain economy, one thing you can be certain of is that your money is safe at Space Age. The federal government has increased insurance coverage on your savings to $250,000.
The Emergency Economic Stabilization Act of 2008 increased federal savings insurance coverage from $100,000 to $250,000.
Your shares in Space Age Federal Credit Union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC) and is backed by the full faith and credit of the United State government.
Here are some important facts to remember about your share insurance:
- As the FDIC does for banks, the NCUSIF insures a person’s savings up to at least $250,000, with higher total coverage available if the member has a combination individual, joint, trust, payable-on-death and other types of accounts. There is also separate insurance coverage of up to $250,000 for individual retirement accounts.
- Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
- As a member of an insured credit union, you do not pay directly for your share insurance protection. Space Age pays into the NCUSIF a deposit, and an insurance assessment, based on the total amount of insured shares and deposits at the Credit Union.
It’s important to note that, as discussed, there are ways to structure your accounts at Space Age to ensure that your funds in excess of $250,000 are insured. For example, a two person joint account, where the account is owned by both individuals and each has equal rights to withdrawal funds from the account, has $500,000 in coverage ($250,000 for each individual). This coverage is separate from and in addition to the coverage available for other accounts,
NCUA Share Insurance Estimator
NCUA has a Share Insurance Estimator on its website to help members better understand the protection offered by the NCUSIF. This interactive site allows users to input hypothetical data to compute the amount of NCUSIF coverage available under different account structure scenarios. Use Insurance Estimator
If you have any questions about insurance coverage related to your account(s) at Space Age Federal Credit Union, or you would like assistance in ensuring that your accounts are structured correctly, please contact a Financial Service Representative at 303.369.7666 or 800.666.6928. Read more information about NCUA Share Insurance
Space Age: A Sound Financial Institution
Management of your credit union wants to assure you that Space Age Federal Credit Union remains a strong, sound financial institution and your funds deposited at the Credit Union are safe.
As your member-owned financial institution, Space Age is dedicated to ensuring that your savings remains safe and secure. No matter how scary the financial news reports, trust that the Credit Union is looking out for both you and your funds. You can be assured that your money is safe at Space Age Federal Credit Union.