Your METRO Federal Credit Union accounts are insured up to $100,000 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 $100,000.
For a detailed explanation of insurance coverage or to estimate your share insurance go to NCUA's Share Insurance Estimator.
Individual Accounts
An Individual Account is one owned by a single member. The total balances in a member's Individual Accounts at one credit union are insured up to $250,000. This includes the combined amounts in all savings, checking, money market, and certificate accounts.
Joint Accounts
A Joint Account is owned by more than one person. Each Joint Owner has equal rights and access to the funds in the account. Each Joint Owner has signed the application for the account. A common example would be an account jointly owned by a husband and wife.
Under NCUA regulations, each Joint Owner gets up to $100,000 coverage for their "share" of the funds in jointly owned accounts. For example, if two Joint Owners have $200,000 in their jointly owned accounts at an institution, the full amount is covered - $100,000 for each owner. If there are three Joint Owners, the maximum coverage is $300,000 - $100,000 for each joint owner.
Each individual is limited to $100,000 maximum coverage for funds in Joint Accounts at one credit union, even if there is more than one combination of joint owners.
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