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| Your Insured Funds For a detailed explanation of how your savings with HONEA FCU are insured by the NCUA, please click the link below to NCUA's website. See illustration below the sign for an overview. Click here: NCUA Brochure - Your Insured Funds  |
Important notice:
Congress recently passed a regulation to insure your savings up to $250,000 .
Illustration:
Your total deposit with HONEA Federal Credit Union is $1.5 million dollars or $1,500,000. How is your savings structured so that your total deposit is fully insured?
Your individual account is insured for $250,000.
Your Spouse's individual account is insured for $250,000.
Your Joint account is insured for $500,000.
Your trust account with 2 beneficiaries is insured for $250,000 per beneficiary. Your total insured deposit for this trust account is $500,000.
THE TOTAL INSURED DEPOSIT AT HONEA FCU WOULD BE $1,500,000.
If your savings were deposited at a bank, using the same illustration above, the FDIC insurance fund would only insure $1,000,000.
The method FDIC uses to insure your funds is based on the individual person. It would not matter if a person had multiple different types of account at the bank, since the aggregate balance is assessed to the individual person.
Whereas, for credit unions, it's the type of account that determines the amount of insured funds.
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