If you watch the news, you've probably seen lots of reports about insured savings and how to check to make sure your funds are insured. So let's talk a little bit about how your funds are insured at Insight Financial.
Insight Financial is federally insured through the National Credit Union Administration (NCUA) through the National Credit Union Share Insurance Fund. This insurance covers each account holder up to at least $250,000...even more in some cases depending on how the accounts are structured. This amount used to be $100,000 but was increased as part of the Emergency Economic Stabilization Act of 2008.
So let's look at an example of how this insurance is applied: if Mary Smith has her own account(s), she is insured up to $250,000; Bob Smith has his own account(s), he is insured up to $250,000. If Bob and Mary have joint account(s), these are insured up to $250,000 in addition to their individual accounts. We know it may be confusing, but perhaps this visual will help.
We think it's important to know that not one penny of insured savings has ever been lost by a federally insured credit union. I know what's going on out there can be a little confusing and scary, but please be assured that your money is safe and sound at Insight Financial.
