At Memorial Employees Federal 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.
$250,000 Share Insurance Protection Extended
The Helping Families Save Their Homes Act of 2009, signed into law May 20, 2009, includes a provision extending the $250,000 share insurance coverage provided by the National Credit Union Share Insurance Fund through December 31, 2013. Previously, this level of coverage was set to expire December 31, 2009. Rest assured your money is safe at Memorial Employees Federal Credit Union.
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).
What if I need Additional Coverage?
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 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.
Enjoy peace of mind in knowing that no member has ever lost money insured by NCUSIF.
If you have any questions, do not hesitate to ask.