Your deposits at Utah First are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government through the National Credit Union Share Insurance Fund, a U.S. Government Agency.
The share (or deposit) insurance you receive applies to both your regular savings accounts and your individual retirement accounts (IRA)—with IRA deposits separately insured to at least $250,000. Plus, through simple organization, you can greatly increase your level of deposit insurance. For example, look at how your insurance level can increase when you organize your deposit accounts to maximize coverage:
Basic scenario: Family of four (Mother Jane, Father Tom and children Bobby and Charlotte):
|Account Title||Amount of coverage|
|Single account of Jane||$250,000|
|Single account of Tom||$250,000|
|Joint account of Jane and Tom||$500,000|
|IRA for Jane||$250,000|
|IRA for Tom||$250,000|
|Jane, POD for Bobby and Charlotte||$500,000|
|Tom, POD for Bobby and Charlotte||$500,000|
You can estimate your level of deposit insurance at the National Credit Union Association web site by using the free Electronic Share Insurance Calculator. Click here to begin.
There are many ways to maximize your deposit insurance. Call 888-EZ-2-SWITCH and let us help you identify the best way for your personal situation. Also, look for the NCUA logo (below), which tells you your money is federally insured.