Account Insurance
Have peace of mind knowing your Power Financial Credit Union account is insured up to $250,000.
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We keep you covered!
Here at Power Financial Credit Union, we understand that your money is important to you. To protect our members, we provide share insurance coverage, which is offered through the National Credit Union Administration (NCUA). As such, all members are federally insured for up to $250,000 for single ownership accounts and are backed by the Full Faith and Credit of the United States Government.
What coverage does the NCUA provide?
All individual standard share accounts are insured for up to $250,000, to include regular shares (savings account), share drafts (checking accounts), money market accounts, and share certificates (CDs). Retirement accounts such as traditional IRAs and Roth IRAs are covered for up to $250,000 and are insured collectively. For example, a member at Power Financial Credit Union with a Share account, Regular Checking account, and IRA account is covered:
| Type of Account | Funds Deposited | Funds Insured |
|---|---|---|
| Share Account (interest bearing) | $200,000 | $200,000 |
| Traditional IRA (interest bearing) | $100,000 | $100,000 |
| Roth IRA (interest bearing) | $150,000 | $150,000 |
| Total Insured | $450,000 |
What if I need additional coverage?
Your accounts are eligible to receive additional government account insurance coverage at Power Financial Credit Union. For example, accounts with named qualifying beneficiaries receive up to $250,000 for each beneficiary designated on the account. Another way to increase your coverage is by having a joint account. Joint accounts without beneficiaries are insured separately for $250,000 each. This means that a joint account between two people is insured by the NCUA for $500,000. It is important to note that joint accounts titled with the same owners are insured aggregately to $250,000 regardless of how many different accounts there are. Power Financial Credit Union will work with you to maximize the amount of coverage you are eligible to receive. Have peace of mind in knowing no member has ever lost money insured by NCUSIF. If you have any questions, please stop by your local branch location, email us at listening@powerfi.org or call us at 305.258.1000, 954.538.4400 or 800.548.5465.
We encourage you to watch these helpful short videos
NCUA Consumer Report: Share Insurance Account Ownership Types
NCUA Consumer Report: Share Insurance Estimator
NCUA Consumer Report: Share Insurance Overview
