National Credit Union Share Insurance Fund (NCUSIF)
The share insurance at East River Federal Credit Union is similar to deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Federal Savings and Loan Insurance Corporation (FSLIC). Share (savings) accounts in federally insured credit unions are insured to at least $250,000, an amount equal to the insurance protection offered by the FDIC and FSLIC. Generally, if a credit union member has more than one account in the same insured credit union, those accounts are added together and are insured up to $250,000. There are exceptions, however. If a member has a regular share (savings) account and an Individual Retirement Account in the same credit union, the regular share (savings) account is insured to at least $250,000 and the IRA is insured separately up to $250,000, and if a credit union member has more than one IRA account in the same insured credit union, those IRA accounts are added together and are insured up to $250,000. The NCUA Insurance booklet or the How Your Accounts are Federally Insured brochure gives a more detailed explanation of insurance coverage. If you would like to calculate share insurance coverage go to the Share Insurance Estimator or learn more about credit unions or insured deposits, go to www.mycreditunion.gov.