Credit Union NCUA account insurance

[mitchden1]

NCUA credit union insurance, like FDIC insurance provides insurance up to $250,000, per person. For accounts in joint names, the maximum insurance is $500,000.

Would I get an additional $250,000. of insurance if I open up an account just in my name at the same credit union?

I know I would if it was at a bank with FDIC insurance.

Two credit unions say I wouldn't get the additional insurance.. Does it matter if I add beneficiaries?

Thanks.

[mitchden1]

I don't understand your reply.

[Critter-3 · Accepted solution]

The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

The FDIC insures deposits that a person holds in one insured bank separately from any deposits that the person owns in another separately chartered insured bank. For example, if a person has a certificate of deposit at Bank A and has a certificate of deposit at Bank B, the amounts would each be insured separately up to $250,000. Funds deposited in separate branches of the same insured bank are not separately insured.

The FDIC provides separate insurance coverage for funds depositors may have in different categories of legal ownership. The FDIC refers to these different categories as "ownership categories." This means that a bank customer who has multiple accounts may qualify for more than $250,000 in insurance coverage if the customer's funds are deposited in different ownership categories and the requirements for each ownership category are met.

https://www.fdic.gov/resources/deposit-insurance/brochures/insured-deposits/#:~:text=The%20standard%....

[mitchden1]

I believe the NCUA insurance rules for credit unions are the same as FDIC rules for banks. Also, for the additional categories of ownership, since I have 2 beneficiaries on the credit union share certificates, I get $1M of coverage for the joint share certificate accounts.