The National Credit Union Administration (NCUA), through the National Credit Union Share Insurance Fund (NCUSIF), provides share insurance on members’ deposits. The NCUA is an independent agency of the United States government, responsible for the oversight of federal credit unions. As a credit union member, you do not need to pay extra for share insurance coverage, it is provided by PFFCU.
Regular shares are insured up to $250,000. IRA balances are insured, separately from your other PFFCU accounts, up to $250,000.
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, and individual account is one form of ownership, while a joint account and a trust 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: