Is NCUSIF share insurance coverage increased by placing funds in two or more of the same kind of share accounts in the same credit union?
No. NCUSIF share insurance is not increased merely by dividing funds owned by the same person or persons into one or more of the different kinds of share accounts available. For example, a regular share account, a share draft account, and a share certificate account owned by the same member are added together and insured up to the $250,000 SMSIA. Insurance can be increased by opening a different type of account–one that is held in a different right and capacity. For example, insurance on a single ownership account is separate from insurance on a joint account.
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