Noveau67@[EMAIL PROTECTED]
wrote on [Fri, 28 Mar 2008 14:13:25 -0500]:
> My credit union tells me my money there is insured for more than
> $100,000, by FDIC. They say EACH cd is separately insured for
> $100,000. Supposing I have 4 cd's, I am insured for a possible
> total of $400,000.
Nope. Credit unions use the NCUA, not the FDIC.
> I noticed that each cd I have has it's own account number.
>
> This is all I found in writing so far, from their online site :
>
> "Your savings Federally insured to at least $100,000 and backed by
> the full faith and credit of the United States Government. National
> Credit Union Administration, a US Government Agency. "
If a member has more than one individual account in the same insured
credit union, is each account insured to $100,000 SMSIA?
No. Individual share accounts held by the same member are added together
and are insured up to $100,000 SMSIA. An individual share account is an
account solely owned by one individual without the right of withdrawal
by another individual. IRA, Keogh, and Deferred Compensation accounts
are insured separately. See the section on NCUSIF Insurance of Special
Accounts for more details .
http://webapps.ncua.gov/ins/InsuredFunds/SpecialAccounts.htm
Different types of accounts are needed to push the limits higher.
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