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Account Insurance

You're part of the family, so, naturally, we have your back.

The accounts you open with Power Financial Credit Union are federally insured for up to $250,000 to protect you against any losses. This coverage is offered by the National Credit Union Administration (NCUA) and backed by the full faith and credit of the U.S. government. Have peace of mind knowing no member has ever lost money from accounts backed by this insurance. 

We want you to be completely comfortable doing business with us. And we want you to know we're always looking out for you. 

This insurance covers savings accounts, 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. For example, here's how a Power Financial Credit Union member with a savings, checking and IRA account is covered:

Type of Account Funds Deposited Funds Insured
Share Account
(interest bearing)
$200,000 $200,000
Traditional IRA
(interest bearing)
$100,000 $100,000
Roth IRA
(interest bearing)
$150,000 $150,000
Total Insured   $450,000

Your accounts are eligible to receive additional government account insurance coverage. 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 with a joint account. Joint accounts without beneficiaries are insured separately for $250,000 each, meaning a joint account between two people is insured by the NCUA for $500,000. Please note that joint accounts titled with the same owners are insured aggregately to $250,000, regardless of how many different accounts there are.

We'll work with you to maximize the amount of coverage you are eligible to receive. If you have any questions, please stop by your local branch location, email us at [email protected] or call us at 800.548.5465.

Want more information about your account insurance? Take a look at these helpful videos from the NCUA. 

Power Financial Credit Union is a full-service credit union, with branches in South Florida and convenient account access available through Online Banking and our highly rated Mobile App.