NCUA Deposit Protection
All Connexus Credit Union deposit accounts are federally insured through the National Credit Union Administration (NCUA). We understand that recent news events have consumers asking questions regarding insurance coverage and limits. As your credit union, we are here to answer your questions and to work with you to stratify your accounts appropriately to maximize your insurance coverage. Additionally, you can review insurance information regarding your federal deposit insurance at www.ncua.gov.
Your deposit accounts are insured automatically up to $250,000. If you have less than $250,000 in all your deposit accounts, you are fully insured. If you have more than $250,000 in deposits, there are many ways to classify your deposit accounts at Connexus to ensure that all your deposits with Connexus have NCUA insurance. Important: You do not have to have multiple accounts or move your money to another financial institution to ensure maximum deposit insurance coverage. There are ways to title your accounts appropriately to maximize your insurance coverages. In fact, the easiest way to gain additional insurance coverage is by establishing joint holders or establishing Payment on Death (POD) provisions. While we cannot provide legal advice on how you should structure your accounts, we are here to assist you with the proper documentation necessary to stratify the ownership of your deposit accounts to maximize your insurance coverage.
Here are some examples of account ownership and associated insurance levels:
- Single ownership deposit accounts (such as checking, savings, and certificates), all combined, are insured up to $250,000.
- Jointly owned deposit accounts (example: husband and wife jointly owned) all combined, are insured up to $250,000 per owner. In this example of two owners, insurance is $500,000.
- Separate insurance governs all IRA accounts. These funds are separately insured from other deposit accounts up to $250,000, in most cases.
At Connexus we are here to work with you and answer any questions you have regarding this issue and to provide resources regarding your federal deposit insurance. Stop in or contact any of our member center consultants at 800-845-5025 if you have any questions.
Connexus Credit Union is a financially safe and fiscally responsible financial institution. We recently surpassed $20 million in capital with assets exceeding $223 million.
Additional resources are available at www.ncua.gov/shareinsurance or by calling 800-755-1030 for the NCUA Consumer Assistance Hotline.
Additional Credit Union Contacts:
J. David Christenson
CEO/President
(715) 847-4731
Or call our Member Center at 800-845-5025.
