The National Credit Union Share Insurance Fund (NCUSIF) is the federal fund created by Congress in 1970 to insure member’s deposits in federally insured credit unions. On July 22, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law and included permanently establishing NCUA’s standard maximum share insurance amount at $250,000. All deposit insurance resources reflect this higher level of coverage.
Administered by the National Credit Union Administration, the NCUSIF is backed by the full faith and credit of the U.S. Government.
You can rest assured that your funds are safe and secure at Gulf States Credit Union. Not one penny of insured savings has ever been lost by a member of a federally insured credit union, such as Gulf States.
For more information visit the NCUA Website.
SHARE INSURANCE
A person holding an interest in more than one joint account may receive $250,000 insurance coverage on the total of his/her interests in those joint accounts. Actual coverage is determined as follows:
STEP 1 – All joint accounts owned by the save combination of individuals are added together and are insured up to $250,000.
STEP 2 – The person’s insured interests in each remaining joint account (those owned by different combinations of individuals) are added together and insured to $250,000 less the person’s interest in STEP 1.
For example, assume the H and W own a joint account containing $220,000 and H and C own a joint account containing $100,000. Since the interest of the co-owners of a joint account are deemed equal for insurance purposes (except in the case of a tenancy in common if unequal interests are shown on the account records of the credit union), H has an interest of $110,000 in the account with W, and an interest of $50,000 in the account with C. H would have insurance of $160,000. W would have insurance of $110,000 and C would have insurance of $50,000. In this example, all of the funds held in the two joint accounts would be covered.
The following illustrations show how typical families may use multiple ownership of accounts to increase the insurance coverage for their family funds. In all cases, the accounts illustrated must meet the share insurance coverage requirements as published in the code of Federal Regulations (12 C.F.R. Part 745).
| Coverage | Covered Person | Type | Additional Covered | Amount |
|---|---|---|---|---|
| Family of Two | Husband | Individual | $250,000 | |
| Wife | Individual | $250,000 | ||
| Joint Tenancy Accounts | Husband & Wife | Joint | $500,000 | |
| Testamentary Revocable Trust Accounts | Husband | Trust | Wife | $250,000 |
| Wife | Trustee | Husband | $250,000 | |
| Total: | $1,500,000 | |||
| Coverage | Covered Person | Type | Additional Covered | Amount |
|---|---|---|---|---|
| Individual Accounts | Husband | Individual | N/A | $250,000 |
| Wife | Individual | $250,000 | ||
| Child | Individual | $250,000 | ||
| Joint Tenancy Accounts | Husband & Wife | Joint | N/A | $250,000 |
| Husband & Child | Joint | $250,000 | ||
| Wife & Child | Joint | $250,000 | ||
| Testamentary Revocable Trust Accounts(For Spouse-Child-Grandchild) | Husband | Trustee | Wife | $250,000 |
| Husband | Trustee | Child | $250,000 | |
| Wife | Trustee | Husband | $250,000 | |
| Wife | Trustee | Child | $250,000 | |
| TOTAL: | $2,500,000 | |||
| Coverage | Covered Person | Type | Additional Covered | Amount |
|---|---|---|---|---|
| Individual Accounts | Husband | Individual | $250,000 | |
| Wife | Individual | $250,000 | ||
| Child #1 | Individual | $250,000 | ||
| Child #2 | Individual | $250,000 | ||
| Joint Tenancy Accounts | Husband & Wife | Joint | $250,000 | |
| Husband & Child #1 | Joint | $250,000 | ||
| Wife & Child #2 | Joint | $250,000 | ||
| Child #1 & Child #2 | Joint | $250,000 | ||
| Testamentary Revocable Trust Accounts (for spouse-child-grandchild) | Husband | Trustee | Wife | $250,000 |
| Wife | Trustee | Husband | $250,000 | |
| Husband | Trustee | Child #1 | $250,000 | |
| Wife | Trustee | Child #1 | $250,000 | |
| Husband | Trustee | Child #2 | $250,000 | |
| Wife | Trustee | Child #2 | $250,000 | |
| TOTAL: | $3,500,000 | |||
