Over the past 50 years, Amplify Credit Union has been here to serve Central Texas through good times and bad – but our promise to look after the money of our members must be as forward-looking as the rest of our business. In this article, we are going to explain what it means for Amplify to be insured by the NCUA and why that means your money is safe, no matter what the future holds.
- Checking and savings accounts at Amplify are insured by the NCUA.
- Historically, NCUA funds are distributed within “just a few days” of a credit union closure.
- Learn more at www.mycreditunion.gov.
What Is the NCUSIF?
As an independent agency, one of the primary responsibilities of the National Credit Union Administration (NCUA) is to oversee the National Credit Union Share Insurance Fund (NCUSIF). This fund is backed in full faith and credit by the United States government, which ensures that members will not lose their money in the unlikely event that Amplify goes out of business.
Are There Limits to NCUA Coverage?
In the event of credit union failure, the NCUSIF will be used to distribute funds on a per-owner basis. Here are a few of the listed limits courtesy of the NCUA website.
- Single Ownership Accounts: $250,000 per member-owner.
- Joint Ownership Accounts: $250,000 per owner.
- IRAs / Other Retirement Accounts: $250,000 per member-owner.
Please note that the single ownership accounts and joint ownership accounts must include no beneficiaries to qualify for the full NCUA coverage. For more information, please visit the NCUA website at www.mycreditunion.gov.
When Do Members Receive NCUSIF Funds?
In the unlikely event of a credit union failure, the NCUA is required by federal law to reimburse members for insurance accounts “as soon as possible.” In practice, the NCUA has found that most payments are provided to members within just a few days of the closure of an insured credit union.
Where Can I Learn More About NCUA Coverage?
The information available in this article is just a small sample of the NCUA’s coverage guidance. To learn more about account definitions, limits, and terminology, you can visit the NCUA website at www.mycreditunion.gov and explore the organization’s official FAQs.
If you have questions specific to your existing member accounts, you can also call our Contact Center at (512) 836-5901. Our team is happy to provide you with additional details about NCUA coverage at Amplify.