Account Insurance

Here at Power Financial Credit Union, we understand that your money is important to you. To protect our members, we provide share insurance coverage, which is offered through the National Credit Union Administration (NCUA). As such, your funds are federally insured for up to $250,000 or more and are backed by the Full Faith and Credit of the United States Government.

What coverage does the NCUA provide?
All individual standard share accounts are insured for up to $250,000. This includes regular shares (savings account), share drafts (checking accounts), money market accounts, and share certificates (CDs). Retirement accounts such as traditional IRAs and Roth IRAs are covered for up to $250,000 and are insured collectively.

Temporary NCUA Insurance Coverage for Transaction Accounts
All funds in a “noninterest-bearing transaction account” are insured in full by the National Credit Union Administration through December 31, 2012.  This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to member under the NCUA’s general deposit share insurance rules. 

The term “noninterest-bearing transaction account” includes a traditional share draft (or demand deposit account) on which the insured credit union pays pays no interest or dividend.  It does not include any transaction amount that may earn interest or dividends, a negotiable order of withdrawal (“NOW”) account, money-market deposit account, and Interest on Lawyers Trust Account (“IOLTA”), even if share drafts may be drawn on the account.  

For more information about temporary NCUA insurance coverage of transaction accounts, visit ncua.gov.

For example, a member at Power Financial Credit Union with a Share account, Regular Checking account, and IRA account is covered:

Type of Account	Funds Deposited	Funds Insured
Share account (interest bearing)	200,000	$200,000
Regular Checking (noninterest bearing)	300,000	$300,000
Traditional IRA (interest bearing)	100,000	100,000
Roth IRA (interest bearing)	250,000	250,000
Total Insured		$850,000

What if I need Additional Coverage?
Your accounts are eligible to receive additional government account insurance coverage at Power Financial Credit Union.  For example, accounts with named qualifying beneficiaries receive up to $250,000 for each beneficiary designated on the account.  Another way to increase your coverage is by having a joint account.  Joint accounts without beneficiaries are insured separately for $250,000 each.  This means that a joint account between two people is insured by the NCUA for $500,000.    It is important to note that joint accounts titled with the same owners are insured aggregately to $250,000 regardless of how many different accounts there are. 

Power Financial Credit Union will work with you to maximize the amount of coverage you are eligible to receive.  Get peace of mind in knowing that no member has ever lost money insured by NCUSIF.  If you have any questions, please stop by your local branch location, email us at listening@powerfi.org or call us at 305-258-1000, 954-538-4400 or 800-548-5465.