NCUA Insurance

Your Money is Protected

In light of recent events involving Silicon Valley Bank and other banks in distress, members have been asking, “Are my credit union deposits insured?”

Armco Credit Union is well capitalized and financially stable. Armco CU undergoes regular audits from state and federal regulators and adheres to strict government regulations. We are federally insured by the National Credit Union Administration (NCUA). This means your money is protected regardless of market volatility.

“Credit unions were born in a time of financial crisis, and we are a safe harbor during life’s storms. The credit union difference means that credit unions act with the best interest of member-owners at heart, and credit unions will continue to meet member needs,” said Credit Union National Association President/CEO Jim Nussle.

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The difference between FDIC and NCUA insurance.

There are two organizations, both backed by the United States government, that insure your money at participating institutions. The FDIC (Federal Deposit Insurance Corporation) provides coverage for banks and the NCUA (National Credit Union Administration) does the same for credit unions. These organizations both function as safety nets for your deposits.

At least $250,000 is protected by these institutions (and possibly a lot more, depending on the type of account). Because of this protection, insured banks and credit unions and the covered accounts within them are one of the safest places that you can keep your money. In other words, it’s completely safe to keep your money in a financial institution where it’s insured and protected.

Protected accounts include checking and savings accounts, certificates, IRAs, and more. Almost all banks and credit unions offer FDIC or NCUA protection to their accountholders.

How Much Money Is Insured?

How much coverage you have depends on what ownership category your account falls into. If you have a savings account and a checking account that are both in the single owner account category, you would be insured for a total of $250,000. But if you had accounts in different categories—say a checking account in your name only and an IRA—each account would be insured for $250,000, meaning you would have a total of $500,000 of protection.

Are Trust & Joint Accounts Insured?

The rules change a little when it comes to joint accounts and trusts. Joint accounts are protected for $250,000 per owner. So if you have a joint account with your spouse, it would be insured for a total of $500,000. Trust accounts are generally insured for $250,000 per beneficiary. Meaning, if you have 3 beneficiaries listed in the trust, it would be protected for up to $750,000. In other words, only a trust’s beneficiaries are protected, not a trust’s owner.

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How Can I Protect All My Money?

There are lots of specifics when it comes to NCUA insurance. If you want to get more information about your situation and find out the best way to ensure that all of your money is protected, please visit