Can insurance coverage be increased by dividing my deposits into several different accounts at the same federally insured credit union?
o Share insurance coverage can be increased only if accounts are held in different categories of ownership. These categories include the four most common consumer ownership categories: single owner accounts, retirement accounts, joint accounts, and revocable trust accounts; and less common ownership categories such as irrevocable trust accounts, employee benefit plan accounts, corporation, partnership and unincorporated association accounts, and public unit or government depositor accounts. A credit union member cannot increase federal insurance by dividing funds owned in the same ownership category among different accounts. The type of member account – whether savings accounts, share draft (checking) account, or share certificate (certificate of deposit “CD”) – has no bearing on the amount of insurance coverage.
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