Your Insured Funds
As your credit union, we’re your financial steward, advocating for your financial well-being and protecting the assets you’ve entrusted to our care.
Federally Insured by NCUA
The National Credit Union Administration (NCUA) operates the National Credit Union Share Insurance Fund (NCUSIF) to protect accounts at federally insured credit unions, such as Visions, for up to $250,000.
No member of a federally insured credit union has ever lost one penny of insured savings.
The $250,000 in coverage applies to each share owner, per insured credit union, for each account ownership category. (Examples of account ownership categories that may indicate additional NCUSIF coverage for your membership are included in the FAQ below for your reference.)
Remember to review your accounts periodically, whenever you open new accounts or modify existing accounts, to ensure your funds remain insured.
- NCUA’s online Share Insurance Estimator is available to help members compute the amount of NCUSIF coverage available under different account scenarios
Understand your share insurance protection.
Federally insured credit unions are required to indicate our insured status in advertising and to display the official NCUSIF insurance sign in offices, branches, and online. If you scroll down, the corresponding logo is in the bottom right corner of our website.
Here are the basics about our share insurance coverage for members:
- Shares at Visions are insured by NCUSIF, which is operated by the NCUA and backed by the full faith and credit of the US government
- NCUSIF coverage is comparable to the deposit insurance coverage offered by the Federal Deposit Insurance Corporation (FDIC), which insures deposits at commercial banks
- No credit union may terminate its federal insurance without first notifying its members
- At Visions, you do not pay directly for share insurance protection
- Visions pays a deposit and an insurance premium into the NCUSIF based on the total amount of insured shares and deposits in our credit union
- Visions is required to deposit and maintain one percent of our insured shares and deposits in the NCUSIF
According to NCUA, in the event of credit union hardship:
- The NCUSIF has several programs to help insured credit unions that might be experiencing problems
- In the rare instances when a federally insured credit union does fail, the NCUA will make payouts to the credit union’s members
- No member of a federally insured credit union has ever lost one penny of insured savings
About the NCUA
The National Credit Union Administration, commonly referred to as NCUA, is an independent agency of the United States government that regulates, charters, and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the U.S. government, the NCUSIF insures the accounts of millions of account holders in all federal credit unions and the vast majority of state-chartered credit unions. See ncua.gov for details.
Frequently Asked Questions (FAQ)
- WHY IS NCUSIF SHARE INSURANCE COVERAGE IMPORTANT?
Share insurance coverage offered through the NCUSIF protects members against losses if a federally insured credit union should fail. You can confidently join and conduct business with federally insured credit unions because no member has ever lost a penny from accounts insured by the NCUSIF.
Historically, insured funds are available to members within just a few days after the closing of an insured credit union. Failures of federally insured credit unions are rare because only those with sound operational standards qualify to receive NCUSIF coverage. The NCUA also regularly reviews the operations of all federal credit unions and works closely with state regulatory authorities to evaluate federally insured, state-chartered credit unions.
- WHAT BASIC COVERAGE IS PROVIDED BY THE NCUSIF?
The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their single ownership accounts. These accounts include regular shares, share drafts (similar to checking), money market accounts, and share certificates. Individuals with account balances totaling $250,000 or less at the same insured credit union are fully insured.
If a person has more than $250,000 at any single credit union, several options are available for additional share insurance coverage. See additional coverage below.
Members have full NCUSIF coverage at each federally insured credit union where they are qualified members. While the NCUSIF coverage protects members at all federally insured credit unions from losses on a broad spectrum of savings and share draft products, it does not cover losses on money invested in mutual funds, stocks, bonds, life insurance policies, and annuities offered by affiliated entities.
- DOES THE NCUSIF PROVIDE ADDITIONAL COVERAGE?
- RETIREMENT ACCOUNTS
Members with traditional and Roth Individual Retirement Accounts (IRAs) and KEOGH retirement accounts at federally insured credit unions have additional coverage available at each federally insured credit union where they qualify and become members. The NCUSIF insures traditional and Roth IRAs for $250,000 in the aggregate at each credit union.
Retirement account insurance protection is separate and apart from insurance coverage on other credit union accounts. For example, if you have a regular share account and an IRA at the same credit union, the NCUSIF insures the regular share account for up to $250,000 and the IRA for up to an additional $250,000.
- JOINT ACCOUNTS
Joint accounts are owned by two or more people who have equal rights to withdraw money from the account and no beneficiaries are named. These accounts can include regular shares, share drafts (similar to checking), money market accounts, and share certificates. The NCUSIF provides each joint account holder with $250,000 coverage for their aggregate interests at each federally insured credit union.
For example, a two person joint account with no beneficiaries has $500,000 in coverage. This coverage is separate from and in addition to the coverage available for other accounts such as individual accounts with no beneficiaries and retirement accounts.
- TRUST ACCOUNTS
The NCUSIF provides separate coverage for both revocable and irrevocable trusts. Credit unions can establish a common informal revocable trust payable-on-death account without additional documentation; however, some trusts require additional, valid documentation to qualify for coverage. Reach out to our Trust team for more details about the following accounts:
Revocable trust accounts may qualify for insurance coverage of up to $250,000 per beneficiary named by the owner (if a member of the credit union) that is separate from the individual coverage available to the trust owner (also referred to as grantor or settlor). For example, if a person with a revocable trust for $750,000 names a spouse and two children as beneficiaries, the entire $750,000 would have separate NCUSIF coverage ($250,000 per beneficiary). This coverage is separate from the coverage provided to the other types of accounts held by the trust’s owner at the same federally insured credit union.
Irrevocable trusts have separate coverage based on the beneficial interest. The interest of each beneficiary in an account (or accounts) established as an irrevocable trust has separate NCUSIF coverage of up to $250,000. In cases where a beneficiary has an interest in more than one trust arrangement created by the same owner, the interests of the beneficiary in all accounts established under such trusts are added together for insurance purposes and insured for a total of up to $250,000.
All members of federally insured credit unions have options for coverage that is separate from and in addition to the coverage available to their single ownership accounts. Special coverage considerations apply to the following account types.
- RETIREMENT ACCOUNTS
- Your Insured Funds
- NCUA Office of Consumer Financial Protection at mycreditunion.gov or 800.755.1030, option 1
- NCUA Rules and Regulations* relating to share insurance coverage are published in the Code of Federal Regulations (12 C.F.R. Part 745). You can find the NCUA’s insurance regulations at ncua.gov
*The Federal Credit Union Act and the NCUA rules on share insurance coverage control how accounts will be insured at each federally insured credit union. No persons may imply a federally insured credit union can offer coverage that differs from this formal structure.