Greater Nevada Credit Union Announces - Members Deposits are Insured to at least $250,000

Congressional passage of the Emergency Economic Stabilization Act of 2008 includes an increase in deposit insurance coverage. The bill raises the level of federal deposit insurance at credit unions through the National Credit Union Administration (NCUA)to $250,000. This gives credit unions parity with the same increase for banks and the Federal Deposit Insurance Corporation (FDIC). This action sends a vital message to credit union members and consumers that their federally-insured deposits in credit unions remain safe and well protected.

The following information regarding deposit insurance will answer many of the questions you might have.

Not a single penny of insured savings has ever been lost to a member of an insured credit union. Greater Nevada, as a member owned credit union, can be a valuable partner and resource to help you weather uncertain economic times.

In talking about share and deposit insurance, it is important to remember that it only applies if a financial institution fails and can no longer honor the deposits of its customers or members. If an institution does fail, the United States government insures deposits (through the National Credit Union Administration (NCUA) for credit unions and the FDIC for banks) and pays depositors their money, up to their maximum insured amount and sometimes beyond.

The NCUA covers members for up to $250,000 on their deposit accounts per account owner. Therefore, two members that have an account owned jointly are covered for $500,000. This coverage is per owner, not per account so someone cannot increase their coverage by splitting their deposits among several accounts at the same institution. Member's deposits are insured for an additional $250,000 when a close family member is listed as a beneficiary on accounts. So a married couple that has accounts owned jointly, and with their two children listed as beneficiaries on their accounts could be insured up to $1,000,000. The rules for Individual Retirement Accounts (IRAs) are more generous and each depositor is insured (separately from their other deposits) up to $250,000.

Greater Nevada Credit Union also provides members share insurance above and beyond the maximum covered by NCUA in certain situations. We provide up to $250,000 in additional coverage on deposits held in Money Market, Regular Savings and checking (excluding Greater Checking) accounts through Excess Share Insurance, a private insurer.

Estimate the amount of insurance coverage based on various scenarios using Share Insurance Estimator

"Your Insured Funds." Get a detailed explanation of share insurance coverage along with examples of account coverage.

Frequently Asked Questions about NCUA.

For additional information please feel free to visit your nearest branch or call us at
(775) 882-2060 or toll free at (800) 421-6674.