Notre Dame Federal Credit Union is a federally insured financial institution. Most people are familiar with the FDIC, which insures the deposits of banks. Members of federally-insured credit unions, such as Notre Dame Federal Credit Union, also enjoy the same level of protection on their deposits as those protected by FDIC insurance.

The shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States Government. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC).

About Individual Accounts

Most properly established share accounts in federally insured credit unions are insured up to $250,000. Share insurance is not increased merely by dividing funds owned by the same person or persons into one or more of the different kinds of share accounts available. For example, a regular share account, a share draft account, and a share certificate account owned by the same member are added together and insured up to $250,000.

About Joint Accounts

Share accounts maintained in different rights or capacities, or forms of ownership, may each be separately insured up to $250,000. Therefore, a member may hold or have an interest in more than one separately insured share account in the same insured credit union. If two or more persons, such as a husband and wife, have a joint account in the same credit union, as well as their own individual accounts, the joint account is insured separately from the individual accounts up to $250,000. Each co-owner of a joint account must have equal withdrawal rights and have personally signed an account signature card.

It is important to note that insurance protection for a co-owner on joint accounts is not increased by rearranging the names of the owners, changing the style of names, or by establishing more than one joint account. The interests that a co-owner has in all joint accounts held in the same credit union will be added together and insured up to $250,000.

About Revocable Trust Accounts

These accounts, or any similar accounts, which deem that funds shall pass to a named beneficiary upon the death of the owner are insured as a form of individual account. The beneficiary must be either a spouse, child, grandchild, parent, or sibling of the owner to be separately insured up to $250,000. Otherwise, the account will be added together with any other individual accounts and thus insured up to $250,000. The person who holds the power of revocation is considered to be the owner of the account.

About Individual Retirement Accounts

Traditional IRA, Roth IRA, and Keogh accounts are insured separately up to $250,000 from other accounts that the member maintains in the same credit union. While a Keogh account is separately insured, IRA accounts are added together and insured up to the maximum of $250,000.

To determine insurance coverage, see the NCUA's insurance estimator.

NOTICE OF CHANGES IN TEMPORARY NCUA INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a "noninterest-bearing transaction account" are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA's general share insurance rules.

The term "noninterest-bearing transaction account" includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal ("NOW") account, money market deposit account, and Interest on Lawyers Trust Account ("IOLTA"), even if share drafts may be drawn on the account. For more information about temporary NCUA insurance coverage of transaction accounts, visit www.ncua.gov.