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Deposit Account Coverage: Know Your Limits

You may know that your accounts at First Harvest Credit Union are insured up to $250,000 per account title by the NCUA. But did you know that there are ways for you to maximize your coverage?

Your deposit accounts at First Harvest Credit Union could be insured for more than $250,000, depending on the account category and number of owners for each account. The most common account ownership categories for individual and family shares are:

  • Single owner accounts
  • Joint accounts
  • Certain retirement accounts
  • Revocable trust accounts
  • Irrevocable trust accounts

For example, if you have an account in your own name alone, it is insured for $250,000. If you have a joint account with another individual, it is insured for an additional $250,000.  

If you open your own traditional or Roth IRA account, you are also entitled to separate insurance on that account. Trust accounts may also be entitled to separate coverage, and the amount of that coverage is determined by the number of beneficiaries.

NCUA’s Share Insurance Estimator can help you determine the amount of insurance coverage provided to your deposit accounts. Visit the web site mycreditunion.gov/insurance-estimator to enter your account balance(s) and calculate your coverage.

Currently, First Harvest Credit Union offers members another benefit: you may qualify for an additional $250,000 of coverage through Excess Share Insurance, giving your account even more protection.

If you have questions about the ownership category of your First Harvest Credit Union account(s), please visit one of our branches or call (800) 582-7640.