Insured Deposits: Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the National Credit Union Share Insurance Fund is similar to deposit insurance coverage provided by the Federal Deposit Insurance Corporation.
Credit union members don’t need to apply to share insurance coverage as it’s provided automatically when they join a federally insured credit union. The Share Insurance Fund insures individual accounts at federally insured credit union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The fund is administered by the NCUA and is backed by the full faith and credit of the United States.
1. Federal Regulations Governing Money Market Transaction Limitations : Preauthorized withdrawals (transfers by telephone, wire or PC, overdraft protection, automatic payments, or checks) are limited to a combined total of six per account cycle as prescribed by federal regulations governing savings accounts. Transactions which exceed federal regulations will be charged $10.00 per transaction. If account limitations are continuously exceeded, the savings accounts will be closed or converted to a checking account as required by federal regulations.
Additional Money Market Disclosures: See the Current Deposit Rates for disclosures on rates and other balance information. Money Market accounts may also incur miscellaneous service fees.