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Posted on: February 3, 2014 at 9:23 AM
Categorized in: Consumer Education

Take full advantage of your NCUA Insurance Coverage

The National Credit Union Administration's (NCUA) Share Insurance Estimator lets consumers, credit unions, and their members know how its share insurance rules apply to member share accounts—what's insured and what portion (if any) exceeds coverage limits.

As you probably already know, your MIDFLORIDA accounts are federally insured by the National Credit Union Administration (NCUA) up to a maximum limit of $250,000 per member through the National Credit Union Share Insurance Fund (NCUSIF). But did you know that depending on how you title your accounts, you could keep more money on deposit at MIDFLORIDA and still have it protected?

Online Calculator

Fortunately, NCUA provides an online resource, called the Share Insurance Estimator, that allows you to calculate your share insurance coverage. The newly redesigned Share Insurance Estimator, formerly known as the E-Calculator, offers guidelines on how the rules apply to your accounts, helping you better understand what is covered and what is not. “Our new Share Insurance Estimator makes it easy for consumers to calculate share insurance coverage and receive immediate answers to questions about share insurance,” NCUA Board Chairman Debbie Matz said in a press release. The tool also tells you what you can do if your account is not 100% protected.

To learn more about the NCUA Share Insurance Estimator, visit their web site at www.mycreditunion.gov/estimator