National Credit Union Administration (NCUA)
The National Credit Union Administration (NCUA) is the federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government.
Notice of Changes in
Temporary NCUA Insurance Coverage
for Transaction Accounts
All funds in a "noninterest-bearing transaction account" are insured in full by the National Credit Union Administration through December 31, 2012. The temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA's general deposit insurance rules.
The term "noninterest-bearing transaction account" includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal (NOW) account, money market deposit account, and Interest on Lawyers Trust Account (IOLTA), even if share drafts are drawn on the account.
An example of a "noninterest-bearing transaction account" is SCCU's Value Checking account.
For more information about temporary NCUA insurance coverage of transaction accounts, visit ncua.gov.
