Advantage Credit Union is a federally insured credit union and funds are federally insured by the NCUA. Recently, the Credit Union implemented excess share insurance coverage above the NCUA primary coverage.
What is Share Insurance Coverage?
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.