Common use of Federally Insured Deposits Clause in Contracts

Federally Insured Deposits. The National Credit Union Administration (NCUA) is an independent agency of the United States Government. NCUA regulates, charters and insures the nation’s Federal credit unions. Share accounts in Federally insured credit unions are insured up to $250,000.00. Generally, if a credit union member has more than one account in the same insured credit union, those accounts are added together and are insured up to $250,000.00. There are exceptions, however. If a member has a Share Account and an Individual Retirement Account in the same credit union, for example, each account is insured up to $250,000.00. You may learn more about the Federal insurance available by visiting xxx.xxxx.xxx. All Federal credit unions must be insured by NCUA, and no credit union may terminate its Federal insurance without first notifying its members.