NCUA Insured

Your shares at Members 1st Credit Union are federally insured.

Your shares at Members 1st Credit Union are federally insured. Share insurance coverage is provided by the National Credit Union Administration (NCUA), an independent government agency that charters, regulates, and insures federal credit unions. Your shares are backed by our solid financial standing, however; the insurance protects members against loss if a federal credit union fails.

Member 1st Savings, Checking, Share Certificates, and Money Market Accounts are insured for up to $250,000

Individual Accounts

Individual accounts are owned by one member. You are insured for up to $250,000 for combined balances in your Members 1st Savings, Checking, Share Certificates, and Money Market Accounts.

Insurance Coverage Example

Account owner: John Smith
Amount insurance coverage: $250,000

Joint Accounts

Joint accounts are owned by two or more members, to include your Members 1st Savings, Checking, Share Certificates, and Money Market Accounts. Each owner on the account is insured for up to $250,000. The most federal insurance coverage any member can have as a result of joint ownership is $250,000, regardless of the number of joint accounts he or she co-owns.

Insurance Coverage Example

Primary owner: Mark Doe
Joint owner: Susan Doe
Amount insurance coverage: 2 owners x $250,000 = $500,000

Other types of Members 1st accounts that receive NCUA insurance coverage up to $250,000

Individual Retirement Arrangements (IRAs)

IRAs are personal savings plans that allow you to set aside money for retirement. The combined balances of all the accounts in your Traditional, Simplified Employee Pension (SEP), and Roth IRA plans are insured separately from your other Members 1st accounts for up to $250,000.

Deposit Trust Accounts

Deposit Trust Accounts are depository accounts that can hold funds designated by a legal trust. Deposit Trust Accounts are insured separately from your other Members 1st accounts. Each grantor is insured for up to $250,000 per beneficiary established under the trust arrangement.

Insurance Coverage Example

Deposit Trust Account, Example #1
Account name: Doe Family Trust Grantor: John Doe
Beneficiaries: Doe Family Trust
Amount insurance coverage:1 grantor x 1 beneficiary = $250,000

Deposit Trust Account, Example #2
Account name: Doe Family Trust
Grantor: Susan Doe
Beneficiaries: Doe Family Trust
However, the application reflects that the beneficiaries indicated in the legal trust are identified as five (5) grandchildren.
Amount insurance coverage:
1 grantor x 5 beneficiaries = $1,250,000

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Eligible to all Butte, Glenn, Shasta, and Tehama County residents. Join Now