Federal Deposit Insurance from the National Credit Union Administration (NCUA)

UW Credit Union is a state chartered, federally insured financial institution. Most people are familiar with the FDIC, which insures the deposits of banks. Members of federally insured Credit Unions, like UW Credit Union, also enjoy the same level of protection on their deposits as those provided by the FDIC.

• Deposits at UW Credit Union are federally insured by a fund that, like the FDIC, is backed by the full faith and credit of the U.S. government.
• As the FDIC does for banks, the National Credit Union Share Insurance Fund (NCUSIF) insures savings of at least up to $250,000 per account (with separate coverage of up to $250,000 for certain retirement accounts). The NCUSIF is administered by the National Credit Union Administration (NCUA), an agency of the federal government.

Generally, if a credit union member has more than one account in the same credit union, those accounts are added together and insured in the aggregate. There are exceptions, though. 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. To determine insurance coverage, see the NCUA's insurance estimator.

The NCUA reported that the NCUSIF remained strong with an equity-to-insured deposits ratio of 1.24% as of December 31, 2010. For more information on federal share insurance, see the NCUA brochure "Your Insured Funds."

Remember, if the total balances of all your UW Credit Union accounts are $250,000 or less, you can be confident your accounts are fully covered by federal deposit insurance. If the total balances of all your UW Credit Union accounts exceed $250,000, federal deposit insurance coverage on the amount over $250,000 is possible, but depends on a number of factors. Please contact a UW Credit Union representative if you have questions about maximizing the benefits of federal deposit insurance.

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.