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Bank

Deposit Insurance

Deposits with UMe are federally insured up to $250,000 through the National Credit Union Administration (NCUA), a U.S. government agency.

  • The maximum $250,000 NCUA insurance covers the balances of your combined individual savings account, money market account, certificate of deposit and checking accounts.
  • Insurance coverage can be expanded through joint ownership. Combined balances in joint accounts receive separate insurance coverage from individual accounts. Insurance covers up to $250,000 per individual on the account. There is a $250,000 maximum coverage available for any member through joint ownership.
  • Individual Retirement Account deposits are insured up to $250,000.
  • Trust Accounts provide a maximum of $250,000 for each beneficiary per trustee. These accounts receive separate insurance coverage from other trustee accounts.
  • Custodial Accounts are insured separately. A minor’s custodial account can be insured up to $250,000 for the combined balances.

How to maximize your coverage
Members can maximize their deposit insurance coverage using different account combinations. The chart below illustrates how you can maximize your coverage:

Married couple extends share insurance coverage to $1,250,000

Individual accounts

Husband
Wife

NCUA coverage

$250,000
$250,000

Joint accounts

Husband and Wife

NCUA coverage

$250,000

POD accounts

Husband as POD for wife
Wife as POD for husband

NCUA coverage

$250,000
$250,000

Total NCUA coverage

$1,250,000



Family of four gets coverage of $3 million

Individual accounts

Husband
Wife
Child #1
Child #2

NCUA coverage

$250,000
$250,000
$250,000
$250,000

Joint accounts

Husband and Wife
Husband & child #1
Wife & child #2
Child #1 & child #2

NCUA coverage

$250,000
$250,000
$250,000
$250,000

POD accounts

Husband as POD for wife
Wife as POD for husband
Husband as POD for child #1
Wife as POD for child #2

NCUA coverage

$250,000
$250,000
$250,000
$250,000

Total NCUA coverage

$3,000,000

Visit the NCUA website and learn more about federally-insured deposits.

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