Your savings at Spirit of Alaska FCU are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government through the National Credit Union Administration, a U.S. Government Agency.
What is Share Insurance?
Your deposits at a credit union are also referred to as “shares” as credit unions are member-owned financial institutions. NCUA deposit insurance is called “share insurance”. Protected accounts include checking and savings accounts, money market deposit accounts, CDs, share certificates, IRAs, and more. Spirit of Alaska FCU offers NCUA protection to all members.
How Much Money Is Insured?
How much coverage you have depends on what ownership category your account falls into. If you have a savings account and a checking account, those are both in the single owner account category, so they would be insured for a total of $250,000. But if you had accounts in different categories—say a checking account and an IRA—each account would be insured for $250,000, meaning you would have a total of $500,000 of protection. The NCUA provides more information about share insurance on their website, including a Share Insurance Estimator, where you can enter your account types and balances to check your coverage. If you would like to confirm how much money is insured for your specific accounts, please contact Spirit of Alaska Member Services.
Are Trust & Joint Accounts Insured?
The rules change somewhat when it comes to joint accounts and trusts. Joint accounts are protected for $250,000 per owner. For example, if you have a joint account with your spouse, it would be insured for a total of $500,000. Trust accounts are generally insured for $250,000 per beneficiary. Meaning, if you have 3 beneficiaries listed in the trust, it would be protected for up to $750,000. In other words, only a trust’s beneficiaries are protected, not a trust’s owner.
How Can I Protect All My Money?
There are lots of specifics when it comes to NCUA insurance. If you would like to get more information about your situation and find out the best way to ensure that all of your money is protected, you can contact Spirit of Alaska Member Services or visit the website for the NCUA.
View this short video from NCUA to learn more about how your accounts are federally insured.
Nothing in this text, nor in any associated resources, should be construed as financial or legal advice. While we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we do not guarantee that it remains accurate today. Spirit of Alaska Federal Credit Union expressly disclaims any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release Spirit of Alaska Federal Credit Union from any such liability. Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional.