Desert Schools Federal Credit Union is chartered, regulated and insured under the National Credit Union Administration, an independent agency of the United States government. The shares in your Desert Schools accounts are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA. The NCUSIF was established by Congress in 1970 and is backed by the "full faith and credit" of the U.S. government.
Your Desert Schools accounts are federally insured to at least $250,000. Generally, if you have more than one account, those accounts are added together and insured to at least $250,000. There are exceptions, though. You may obtain additional insurance 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. Also, up to $250,000 insurance is provided for all investment retirement accounts (IRAs) in any one member's name.
NOTICE OF EXPIRATION OF THE TEMPORARY FULL NCUA INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account no longer will receive unlimited deposit insurance coverage by the National Credit Union Administration (NCUA). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the NCUA up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
For more information about share insurance coverage, we invite you to:
Remember, not one penny of insured savings has ever been lost by a member of a federally insured credit union.