The basic insured amount for a credit union member under the law is $250,000.
For example, Diana Hatch may have a Community South Credit Union Certificate of Deposit for the amount of $250,000 in her name only. She can open up another CD at Community South Credit Union with a joint-owner on the account - perhaps her husband or one of her children - and have NCUA federal insurance on that account too.
As long as there is a different joint-owner or beneficiary on each account, a member can exceed $250,000 in deposits and still have NCUA federal insurance on all their funds at Community South Credit Union. If a member has four beneficiaries, then they can get up to $1,000,000 of NCUA insurance (in this example the beneficiaries can include a spouse, child, grandchild, parent or sibling of the owner of the funds).
This same scenario rings true for any combination of Community South Credit Union deposit accounts - including money market accounts, share savings accounts, and checking accounts.
Please see one of our financial service representatives for more details.