NCUA Share Insurance

NCUA  Share Insurance


What is the NCUA?

The National Credit Union Administration (NCUA) is an independent agency of the United States Government that regulates, charters, and insures the nation’s federal credit unions. The NCUA insures and regulates credit unions, while the Federal Deposit Insurance Corporation (FDIC) insures and regulates banks. Both regulatory institutions are backed by the full faith and credit of the United States government. An important differentiator to remember about credit unions: not one penny of insured savings has ever been lost by a member of a federally insured credit union.

Types of Accounts Insured by the NCUA

All types of share accounts and deposits received by Superior are insured, including the following:

  • Regular Share Accounts
  • Share Certificates
  • Share Draft Accounts

In addition, retirement accounts are also insured, including Individual Retirement Accounts (IRAs) (ex. Roth IRA, Traditional IRA, and more)

Up To How Much Are Accounts Insured?

Share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), $250,000. There are four general types of accounts, excluding business accounts, that the NCUA insurance addresses:

  1. Retirement accounts (ex. IRAs) – Insured up to $250,000
  2. Individual accounts with one owner and no beneficiaries – Insured up to $250,000 in the aggregate
  3. Joint accounts that have more than one owner and no beneficiaries – Each owner is insured up to $250,000 for joint account coverage in the aggregate
  4. Trust accounts (informal) – Revocable trust accounts: if there is a beneficiary on the account, the account owner will receive up to $250,000 per beneficiary in the aggregate.

All memberships with Superior are insured up to $250,000 by the NCUA.

Generally, if you have more than one account with Superior, those accounts are added together and insured in the aggregate.Example: If you have money in a share account (ex.Share Savings), a share certificate (ex. Users CD), and a share draft account (ex. Choice Checking) all in your name alone, these accounts will be added together and insured up to $250,000.

Exception Example: If you have money in your share account (ex. Share Savings) and an Individual Retirement Account(IRA) with Superior, the share account is insured up to $250,000 and the IRA is separately insured up to $250,000.


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. This 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 share 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 may be drawn on the account. For more information about temporary NCUA insurance coverage of transaction accounts, visit

To learn more about insurance coverage under the NCUA, please refer to the Your Insured Funds brochure located at any Superior branch location or access the NCUA Web site at