Account Information

Accounts at Riverfork Federal Credit Union are insured up to $250,000 by the National Credit Union Administration (NCUA).

Facts to Know About Your Insured Shares

Credit unions insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA), are protected by federal deposit insurance.  NCUA is an independent agency of the United States government.

About Individual Accounts

Each member’s funds are insured to $250,000 - and that limitation applies to the total of a person’s funds in share draft, share and share certificates for which an insured credit union is liable.  So share insurance is not increased, for example, by putting $250,000 into a share account and $250,000 into a share draft account in the same insured credit union.  In that case, $250,000 is insured, not $500,000.

Actual title to each insured account must be in the name of the account holder named.  Thus, if a members sets up a number of accounts under different names with intention of creating the indicated ownership interests with respect to the funds, share insurance will not be increased.  The funds will be insured only as the funds of the true owner.

About Joint Accounts

In addition to their individual insured accounts, each person is entitled to a maximum of $250,000 coverage for their interest in all of their joint accounts.

A husband and wife, or any two or more persons may have a valid joint account covered for the total amount allowed for each person in the joint account category.

Insurance protection is not increased merely by rearranging the names of owners, changing the style of names, or by having more than one joint account for the same combination of owners in the same insured credit union.

Each co-owner of a joint account must have equal withdrawal rights and must personally execute a signature card - except in the case of a jointly-held share certificates or shares represented by negotiable instruments.  Jointly held share certificates must in fact be jointly owned to be insured as a joint account.