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All deposits with Achieva Credit Union are backed by the full faith and credit of the U.S. Government and federally insured by the National Credit Union Administration (NCUA), a U.S. government agency, through the National Credit Union Share Insurance Fund (NCUSIF). Recent legislative changes concerning deposit insurance coverage provide additional protection and peace of mind.
The Emergency Economic Stabilization Act, enacted October 3, 2008, increased the basic insured amount on all types of accounts from $100,000 to $250,000 per member account. On Wednesday, July 21, 2010 President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. Included in this legislation was a provision making the increase in NCUA share insurance to $250,000 permanent. So, depending on account ownership, it is actually possible to have more than $250,000 in deposit insurance coverage.
The NCUA rules on insurance coverage for beneficiaries have also been amended to eliminate the concept of qualifying beneficiaries. This means that a beneficiary is no longer required to be a spouse, child, grandchild, parent or sibling of the account owner/s to qualify for coverage. The rules now cover virtually all named beneficiaries on testamentary accounts (including trust and payable-on-death accounts) up to $250,000.
In addition, retirement accounts (such as IRA and 457 accounts) and deposits held in different ownership categories are each still insured separately up to $250,000.
The NCUA website contains a wealth of information about deposit insurance coverage. And as always, we at Achieva are here to answer any questions you might have. Please feel free to call us at (727) 431-7680 or (941) 907-4000; or stop by any branch to speak with a helpful Member Service Advisor.