ALEXANDRIA, Va. -- In response to the updated insurance coverage following the Federal Deposit Insurance Reform Act signed into law earlier this year, NCUA has revised its Your Insured Funds Booklet.
The booklet explains the new insurance coverage level of up to $250,000 for certain retirement accounts, such as IRAs and Keoghs. It also outlines that share insurance for other types of accounts currently stands at $100,000, but could be increased in the future. At the back are frequently asked questions and an appendix with examples of insurance coverage scenarios.
"Not one penny of insured savings has ever been lost by a member of a federally insured credit union," NCUA stated in the booklet. "The federal insurance fund has several programs to help insured credit unions which may be experiencing problems. Liquidations or failures are a last resort. If a federally insured credit union does fail, however, the NCUSIF will make any necessary payouts to the credit union's members. These payouts are usually done within 3 days from the time the credit union closes its doors."
The booklet is available from NCUA's Web site (www.ncua.gov) or for purchase from the agency in six to eight weeks.