 |
|
YOUR INSURED FUNDS
Your deposits in Lockheed Federal Credit Union are federally insured by the National Credit Union Share Insurance Fund, an arm of the National Credit Union Administration. This insurance is similar to coverage offered by the Federal Deposit Insurance Corporation (FDIC), and both are backed by the full faith and credit of the United States government.
Your combined savings, money market and checking balances are insured up to $250,000. Your combined IRA balances are insured separately up to an additional $250,000. You may obtain additional coverage on multiple accounts you have with LFCU if you have different ownership interests or rights (and you properly complete account forms and applications).
|
FREE INSURANCE REVIEW
LFCU representatives can help you determine if your funds are fully insured and suggest options to increase your coverage. Please make an appointment to discuss your situation at a local branch, or call (800) 328-LFCU (5328) to speak to a representative by phone. |
The following examples show how a family may use multiple ownership and vesting options to increase their insurance coverage. For information, visit the National Credit Union Administration website at www.ncua.gov.
COVERAGE EXAMPLES
| FAMILY OF TWO |
| |
| Individual Accounts |
|
| Husband |
$250,000 |
| Wife |
$250,000 |
| |
| Joint Tenancy Accounts |
|
| Joint account with right of survivorship |
|
| Husband & Wife |
$500,000 |
| |
| Revocable Trust Accounts |
|
| Husband as Trustee for Wife |
$250,000 |
| Wife as Trustee for Husband |
$250,000 |
| |
| Certain Retirement Accounts |
|
| Husband |
$250,000 |
| Wife |
$250,000 |
| |
| TOTAL |
$2,000,000 |
| |
| FAMILY OF THREE |
| |
| Individual Accounts |
|
| Husband |
$250,000 |
| Wife |
$250,000 |
| |
| Joint Tenancy Accounts |
|
| Joint account with right of survivorship |
|
| Husband & Wife |
$500,000 |
| |
| Totten Trust (Pay on Death) Accounts |
|
| Husband Totten Trustee with Wife |
$250,000 |
| Husband Totten Trustee with Child |
$250,000 |
| Wife Totten Trustee with Husband |
$250,000 |
| Wife Totten Trustee with Child |
$250,000 |
| |
| Certain Retirement Accounts |
|
| Husband |
$250,000 |
| Wife |
$250,000 |
| |
| TOTAL |
$2,500,000 |
Your Insured Funds - Overview
Your Insured Funds - Comprehensive brochure
|
|
|
