How We're Insured
Like at a traditional bank, your deposits with Affinity Plus Federal Credit Union are federally insured up to $250,000 per member-owner. The main difference is just who insures them. Here, they’re covered by the National Credit Union Administration (NCUA). And the coverage is called share insurance.
The NCUA is an independent agency of the U.S. Government that regulates, charters and insures the nation’s federal credit unions. It’s similar to how the FDIC (Federal Deposit Insurance Corporation) insures and regulates traditional banks.
All types of share accounts and deposits received by Affinity Plus are insured, including the following:
- IRAs (Roth and Traditional)
- Money Markets
- Trust Accounts
Accounts NOT covered are mutual funds, stocks, bonds and life insurance policies.
If you have accounts at other credit unions outside of Affinity Plus, you 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.