If a member has accounts in several different insured credit unions, will the accounts be added together for the purpose of insurance coverage?
No. Share insurance is applied to share accounts in each insured credit union. A member who has share accounts in two or more different insured credit unions would have coverage up to the full insurable amount in each credit union. In the case of a credit union having one or more branches, the main office and all branch offices are considered as one credit union.
Related Questions
- If a member has accounts in several different insured credit unions, will the accounts be added together for the purpose of insurance coverage?
- Can insurance coverage be increased by dividing my deposits into several different accounts at the same insured bank?
- Can insurance coverage be increased by depositing funds with different federally insured credit unions?
