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Knowledge Base Article

NCUA (National Credit Union Administration) FAQs

What is National Credit Union Administration?

The National Credit Union Administration is an independent agency of the United States Government. Congress established the NCUA share insurance program in 1970 in order to insure member share accounts of federally insured Credit Unions. NCUA Insurance helps to maintain sound conditions in the Credit Union industry and protects those insured in the event of failure of an insured Credit Union due to insolvency or bankruptcy, as determined by the National Credit Union Administration Board. Members in an insured Credit Union do not pay for share insurance protection directly. Delta Community Credit Union maintains deposits of 1% of member deposits to support the insurance plan. The basic insured amount for a Credit Union member under current law is $250,000. Share accounts maintained in different rights or capacities, or form of ownership, may each be separately insured up to $250,000. Thus a member may hold or have an interest in more than one separately insured share account in the same insured Credit Union. For complete details of the National Credit Union Share Insurance Fund (NCUSIF), visit their web site.

Are my deposits at Delta Community CU insured under NCUA?

The shares in your Credit Union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration. The basic insured amount for a Credit Union member under current laws is $250,000. Accounts in different forms of ownership or title may each be separately insured to $250,000.

Visit NCUA's web site for additional information regarding the share insurance calculator.

Are the funds in my Money Market Account or Health Savings Account (HSAs) insured?

MMA and HSA funds are deposit accounts and are insured as stated above.

We do not offer Money Market Fund Accounts, which are investment accounts and not federally insured at this time.

What insurance coverage is provided for IRA accounts?

IRA accounts are insured up to $250,000 and are insured separately from the other deposit accounts that the member maintains in the same Credit Union. An individual's IRAs at the same Credit Union are insured in the aggregate to the maximum of $250,000.

Is my account insured individually up to $250,000 through the NCUA?

The basic insured amount for a Credit Union member under current law is $250,000. Share accounts maintained in different rights or capacities, or form of ownership, may each be separately insured up to $250,000. Thus a member may hold or have an interest in more than one separately insured share account in the same insured Credit Union. For complete details of the National Credit Union Share Insurance Fund (NCUSIF), visit their web site.

I need more than $250,000.00 in federal insurance coverage on my Savings and Checking Accounts. How can I title my accounts so that I will have more coverage?

Delta Community CU can open individual (one owner), joint ownership (two or more owners) or payable-on-death (account that passes funds to a beneficiary upon the death of the owner) accounts for you. The basic insured amount for each member is $250,000. Member accounts maintained in different titles, capacities, or forms of ownership, may each be separately insured up to $250,000.

To request that your account be reviewed by Delta Community CU contact us within Online Banking from the Secure Email under Additional Services. Please include any details concerning expected future deposits.

If I have accounts in several different insured Credit Unions, will the accounts be added together for the purpose of insurance coverage?

The maximum insurance of $250,000 is applicable to share accounts in each insured Credit Union. A member who has share accounts in two or more different insured Credit Unions would have up to $250,000 insurance in each Credit Union.

To review your current coverage go to the NCUA's website.