How We're Insured
Share accounts in federally insured credit unions, like Affinity Plus, are insured up to the Standard Maximum Share Insurance Amount (SMSIA), $250,000 through the National Credit Union Administration (NCUA). The NCUA is an independent agency of the United States Government that regulates, charters, and insures the nation's federal credit unions, similar to how the Federal Deposit Insurance Corporation (FDIC) insures and regulates banks.
All types of share accounts and deposits received by Affinity Plus are insured, including the following:
- Regular Share Accounts (ex. S1 Membership Savings, S6 Capitol Money Market, and more)
- Share Certificates (ex. I30 Certificate Builder, I4, I5, I6, 12-month Certificate, and more)
- Share Draft Accounts (ex. S7 Free Checking, S14 Better Than Free, and more)
- Trust Accounts
In addition, retirement accounts are also insured, including Individual Retirement Accounts (IRAs) (ex. Roth IRA, Traditional IRA, and more).
If you have accounts at other credit unions outside of Affinity Plus, the insurance applied to the share accounts at these credit unions is separate; it will not be added together. You will have coverage up to the full insurable amount in each of the credit unions.
Examples of coverage of share accounts by the NCUA:
Single Membership Account
If the member is the only individual on the membership accounts (ex. no joint member, or beneficiaries, or another individual listed on the membership who has the right to withdraw funds from account), his or her accounts will be added together and insured up to $250,000.
Both Single & Joint Membership Accounts
If the member has an individual membership account as well as a joint membership account (ex. a joint member, or beneficiaries, or another individual is listed on the membership who has the right to withdraw funds from the account, ), the accounts for the member will be insured as follows:
- Single membership account will be insured up to $250,000.
- Joint membership account will be insured up to $250,000 for each joint member.
Note: Joint accounts are insured separately from individual membership accounts up to $250,000.
Please visit the NCUA Share Insurance Estimator where you can insert your individual information for personalized calculations regarding your coverage.