Your Money at First Northern is Safe, Sound & Insured

The National Credit Union Administration (NCUA) is the independent agency that administers the National Credit Union Share Insurance Fund (NCUSIF).

Like the FDIC's Deposit Insurance Fund for banks, the NCUSIF is a federal insurance fund for credit unions, backed by the full faith and credit of the United States government.

The NCUSIF insures member savings in federally-insured credit unions, which account for about 98 percent of all credit unions in the United States. Deposits at all federal credit unions and the vast majority of state-chartered credit unions are covered by NCUSIF protection.

The NCUSIF protects members’ accounts in federally-insured credit unions, in the unlikely event of a credit union failure. The NCUSIF covers the balance of each member’s account, dollar-for-dollar up to the insurance limit, including principal and posted dividends through the date of the failure.

NCUA share insurance covers many types of share deposits at a federally-insured credit union, including deposits in a:

• Share draft (checking) account,
• Money market account, or
• Share savings account, or
• Time deposit such as a share certificate.

NCUA share insurance covers members' accounts at each federally-insured credit union, dollar-for-dollar, including principal and any accrued dividend through the date of the insured credit union’s closing, up to the insurance limit. This coverage also applies to nonmember deposits when permitted by law.

NCUA does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investment or insurance products are sold at a federally-insured credit union. Credit unions may provide these services to their members through third-parties, and the investment and insurance products are not insured by the NCUSIF. In locations where these investment and insurance products are offered or sold to members, credit unions are required to disclose that the products:

• are not insured by NCUA;
• are not deposits or other obligations of the credit union and are not guaranteed by the credit union; and
• are subject to investment risks, including possible loss of the principal invested.

In addition, NCUA does not insure safe deposit boxes or their contents.

*These share insurance coverage limits refer to the total of all shares that account owners have at each federally-insured credit union. The listing above shows only the most common ownership types that apply to individual and family shares, and assumes that all NCUA requirements are met.

You may qualify for more than $250,000 in coverage at one insured credit union if you own share accounts in different ownership categories, as noted below.

The most common account ownership categories for individual and family shares are single owner accounts, joint accounts, certain retirement accounts, revocable trust accounts, and irrevocable trust accounts and are insured individually as follows:

• Single Ownership Accounts (owned by one person with no beneficiaries): $250,000 per member-owner
• Joint Ownership Accounts (two or more persons with no beneficiaries): $250,000 per owner (with the primary owner a member of the credit union)
• IRAs and other certain retirement accounts: $250,000 per member-owner
• Revocable trust accounts: Each member-owner is insured up to $250,000 for each eligible beneficiary named or identified in the revocable trust, subject to limitations and requirements.
• Irrevocable trust accounts: Each owner (so long as all owners OR all beneficiaries are members of the credit union) is insured up to $250,000 for each beneficiary named or identified in the irrevocable trust, subject to specific limitations and requirements. Coverdell Education Savings Accounts (formerly education IRAs) are insured as irrevocable trust accounts.
• A qualifying eligible beneficiary must be a natural person, or a charitable organization or non-profit entity under the Internal Revenue Code.

Use the online share insurance estimator

*These share insurance coverage limits refer to the total of all shares that account owners have at each federally-insured credit union. The listing above shows only the most common ownership types that apply to individual and family shares, and assumes that all NCUA requirements are met.

Using different Social Security Numbers, rearranging the order of names listed on accounts or substituting "and" for "or" in joint account titles does not affect the amount of insurance coverage available to account owners.