Your METRO Federal Credit Union accounts are insured up to $250,000 per person by the National Credit Union Share Insurance Fund (NCUSIF). The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government. No one has ever lost a penny in a federally insured credit union.
Depending on how your accounts are owned and what types of accounts you have, you can increase the total insurance on your funds to greater than $500,000.
For a detailed explanation of insurance coverage or to estimate your share insurance go to NCUA's Share Insurance Estimator.
Individual Accounts
Individual share accounts held by the same member are added together and are insured up to the $250,000. An individual share account is an account solely owned by one individual without the right of withdrawal by another individual. IRA and Keogh accounts are insured separately.
Joint Accounts
A person’s interests in joint accounts are insured separately from individual accounts up to the $250,000, provided that each of the co-owners has personally signed an account signature card and has a right of withdrawal on the same basis as the other co-owners. You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications.
Retirement Accounts Traditional IRA, Roth IRA and Keogh accounts are insured separately to $250,000 from other accounts that the member maintains in the same credit union. However, a member’s Roth IRA will be added together with his or her traditional IRA and insured in the aggregate to the maximum of $250,000.
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