Yes, your shares at Global Credit Union are federally insured by the National Credit Union Association (NCUA) up to $250,000. If you have more than $250,000 that needs insurance, there are some things you can do.

Each Individual receives $250,000 in insurance
The NCUA will aggregate all accounts you own and insure them up to $250,000 so opening several accounts will not increase your insurance. One way for you to insure an additional $250,000 is by opening a joint account with another person. Each individual can have up to $250,000 in insured joint accounts.

Trust Account
If there are additional funds that need to be insured, you might consider a revocable trust account. This type of account includes both an owner and a named beneficiary. If the beneficiary is a "qualified beneficiary" (your spouse, child, grandchild, sibling, or parent) each owner-qualified beneficiary relationship is insured for $250,000. Funds held in this type of account are only aggregated with other revocable trust funds, not with joint accounts or individual accounts.

Irrevocable trust accounts also provide additional insurance in much the same way as the revocable trust account. The main difference is that unlike a revocable trust, an irrevocable trust does not require a qualified beneficiary to be insured. All beneficiaries are insured up to $250,000. Irrevocable trust account funds are also not aggregated with funds in other types of accounts.

Retirement Accounts
Retirement accounts including IRA, Roth IRA, and SEP accounts are insured separately from other accounts held at the credit union. All of these types of accounts are aggregated and insured up to $250,000.

Business Accounts
Business accounts are also separately insured for up to $250,000. If you are involved in one or more businesses this can be a powerful tool for increasing insurance coverage. As long as the business has a unique ownership, organization, and/or purpose, it can have its own separate $100,000 in insured funds. This determination is made by NCUA. Accounts for sole proprietors of unincorporated businesses are considered individual accounts for NCUA share insurance purposes.

If you need more information or would like to open one of these accounts, please give us a call today. A member services representative can provide you the valuable information you need to maximize your share insurance. Call 509.455.4700 in Spokane or toll-free (800) 676-4562.