Deposits in New South Credit Union are federally insured by the National Credit Union Administration (NCUA) through the National Credit Union Share Insurance Fund (NCUSIF) up to $250,000. The purpose of the NCUSIF is to protect members’ accounts in federally insured credit unions, much like the FDIC insures deposits in most banks. The National Credit Union Administration is an independent federal government agency that charters and/or supervises credit unions.
Under NCUA regulations, Joint Accounts can be insured for more than $250,000. Because Joint Accounts are owned by more than one person, each joint owner has equal rights and access to the funds in the account, as a result, each joint owner gets up to $250,000 coverage for their “share” of the funds in jointly owned accounts. For example, if two joint owners have $500,000 in their jointly owned accounts at New South, the full amount is covered - $250,000 for each owner. If there are three joint owners, the maximum coverage is $750,000, $250,000 for each joint owner. Each individual is limited to $250,000 maximum coverage for funds in joint accounts at one credit union, even if there is more than one combination of joint owners.
For complete details on how your funds are insured, we have brochures available at our offices, or you may visit the NCUA’s website at ncua.gov.