At Community South, your deposits are federally insured by the National Credit Union Administration (NCUA) up to $250,000. So you don't have to worry — your money is safe with us!
How does it work? Let's take Diana Hatch as an example. Diana may have a Certificate of Deposit for the amount of $250,000 in her name only. She can open up another CD 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 the 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 deposit accounts, including money market accounts, share savings accounts and checking accounts.
Please contact a Member Service Representative for more details.