As a member of Matadors Community Credit Union, the National Credit Union Administration (NCUA) insures your deposits up to $250,000 through the National Credit Union Share Insurance Fund (NCUSIF). The NCUA provides coverage for each account ownership category such as individual accounts, joint accounts, certain retirement accounts, and trust accounts.
Ways to Maximize Your NCUA Deposit Insurance Coverage
There are ways to increase your coverage if you have significant deposits or want extra protection.
- Diversify account ownership by adding one or more owners to an account. For instance, adding a joint owner to an account increases the coverage up to $500,000.
- Add beneficiaries to your account to benefit from additional coverage provided by the NCUSIF for both revocable and irrevocable trusts. You can add up to five beneficiaries to increase your coverage.
- Leverage retirement accounts such as IRAs to benefit from an additional $250,000 coverage limit specifically for these accounts.
You can use the NCUA Electronic Share Insurance Estimator to compute the amount of NCUSIF coverage available under different account scenarios. This tool can help you understand the protection offered by the NCUSIF.
It's important to review your insurance coverage regularly and make changes as needed to ensure that you have adequate protection for yourself and your loved ones. To find out more about Matadors Community Credit Union’s account types, NCUA insurance, or adding beneficiaries to your accounts, call (818) 993-6328.
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