Share Insurance at Vantria FCU

The National Credit Union Administration (NCUA) through the National Credit Union Share Insurance Fund (NCUSIF) provides share insurance on members’ funds deposited in VFCU. The NCUA is an independent agency of the United States Government, responsible for the oversight of federal credit unions. As a member, you do not pay for share insurance coverage, it is provided by VFCU.

Regular shares are insured up to $250,000. IRA balances are insured separately from your other VFCU accounts up to $250,000 at no cost to you.

For those members needing more coverage, separate and/or multiple ownership of accounts provides a means to accomplish this. Ownership means the way an account is titled and how the funds in the account are held. For example, an individual account is one form of ownership, while a joint account and an in-trust-for (ITF) account are others. When accounts are held in separate and/or multiple ownerships, each can be insured separately, increasing the amount of NCUA share insurance.

Here are a few of the most common forms of account ownership:

Individual Account: The funds are owned by one individual, and the account is in that person’s name only. A person can have a combined total of $250,000 in one or more individual accounts at VFCU.

Joint Account: This type of account is in the names of two or more persons and all owners have equal rights of withdrawal. At VFCU, all joint accounts are held with right of survivorship, which means that if one of the joint owners dies, his/her share is then divided between the remaining owners of the account. Generally, each joint owner is attributed an equal share in each joint account in which he/she is named. The interest in all of the joint accounts is added up and each joint owner is insured up to $250,000.

Totten or Simple Trusts: These are payable-upon-death accounts. In this type of account the owner of the account designates a beneficiary to receive the funds when the owner dies. The owner of the account retains complete control over the account while they are alive. The funds in the account are insured up to $250,000 for each beneficiary.

Traditional or Roth IRAs: To be separately insured, the accounts must qualify as an IRA under the Internal Revenue Code. A member’s funds in traditional or Roth IRAs (including IRA certificates) are added together and insured up to a maximum of $250,000.

The following are some examples of how members can increase share insurance coverage above the $250,000 limit:

Account	Amount
Jane – Individual Share Account	$250,000
John – Individual Share Account	$250,000
Jane & John – Joint Checking Account	$500,000
Jane – POD Account w/John as POD Payee	$250,000
John – POD Account w/Jane as POD Payee	$250,000
Jane - IRA	$250,000
John - IRA	$250,000
Total Shares	$2,000,000
Total Insured Shares	$2,000,000

Using accounts with different account and/or multiple ownerships can increase the amount of NCUA share insurance dramatically. The above examples exhibit the way in which joint and ITF/POD accounts can be used to accomplish this for a family size of 2. NCUA share insurance increases to $2,000,000 including IRA coverage under the above ownership structure.

These examples are meant for illustration purposes only. The way you structure your accounts will depend on your individual needs. Please contact VFCU if you have any questions about share insurance. We strongly advise you to visit the NCUA website for additional information. NCUA provides a calculator tool which allows you to input your individual ownership structure to learn how much coverage you would receive under different scenarios.