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Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 provided temporary unlimited share/deposit insurance coverage on all noninterest-bearing transaction accounts in federally insured credit unions and banks. Generally, this refers to noninterest-bearing share draft/checking accounts with funds in excess of $250,000.
The unlimited share/deposit insurance coverage on noninterest-bearing accounts expired on December 31, 2012. Insurance coverage on noninterest-bearing transaction accounts will return to the permanent level of up to $250,000 beginning January 1, 2013. In other words, noninterest-bearing transaction accounts will be subject to the same insurance coverage levels as all other share accounts in a credit union.
Estimate the insurance coverage on your accounts with NCUA’s Share Insurance Tool Kit at the NCUA website
Federally Insured by the NCUA. Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency. NMLS# 519897.
