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NCUA Consumer Report: Share Insurance Account Ownership Types - YouTube
Channel: NCUAchannel
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CREDIT UNIONS SERVE THEIR
MEMBERS’ FINANCIAL NEEDS WITH
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A VARIETY OF DEPOSIT ACCOUNTS.
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FOR EXAMPLE, CREDIT UNIONS
COMMONLY OFFER SHARE SAVINGS,
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SHARE DRAFT, SHARE
CERTIFICATE, MONEY MARKET, AND
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RETIREMENT ACCOUNTS.
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EACH OF THESE ACCOUNTS HAS A
DEFINED OWNERSHIP TYPE.
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THE OWNERSHIP TYPE DETERMINES
HOW MUCH SHARE INSURANCE
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COVERAGE IS AVAILABLE.
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IN THIS VIDEO, WE WILL EXPLAIN
HOW TO ORGANIZE YOUR ACCOUNTS
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INTO OWNERSHIP TYPES IN ORDER
TO MAXIMIZE YOUR SHARE
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INSURANCE COVERAGE.
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OWNERSHIP TYPES INCLUDE:
SINGLE,
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JOINT, REVOCABLE TRUSTS, AND
RETIREMENT ACCOUNTS.
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GENERALLY, A CREDIT UNION
MEMBER HAS $250,000
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IN COVERAGE FOR HIS OR HER
INTERESTS
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IN EACH OWNERSHIP TYPE.
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YOU MAY OBTAIN ADDITIONAL
SHARE INSURANCE COVERAGE,
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IF YOU HAVE DIFFERENT
OWNERSHIP INTERESTS IN THE
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ACCOUNTS, AND YOU PROPERLY
COMPLETE THE NECESSARY ACCOUNT
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FORMS AND APPLICATIONS.
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OWNERSHIP TYPES ARE BASED ON
THE NAMED OWNERS OF AN ACCOUNT
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AND WHETHER BENEFICIARIES ARE
DESIGNATED.
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IN ADDITION, INDIVIDUAL
RETIREMENT ACCOUNTS ALSO KNOWN
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AS IRAS ARE INSURED SEPARATELY
FROM OTHER ACCOUNTS YOU HAVE
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AT THE CREDIT UNION TO
$250,000.
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THE FIRST OWNERSHIP TYPE IS
SINGLE,
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ALL FUNDS ARE OWNED BY ONE
INDIVIDUAL MEMBER.
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FOR EXAMPLE, NCUA ADDS
TOGETHER YOUR REGULAR SHARE
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AND SHARE DRAFT ACCOUNTS ALONG
WITH ANY OTHER SINGLE
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OWNERSHIP ACCOUNTS YOU MAY
HAVE AND INSURES THEM
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UP TO $250,000.
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THE SECOND OWNERSHIP TYPE IS
JOINT ACCOUNTS.
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THEY HAVE AT LEAST TWO
OWNERS WHO POSSESS
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EQUAL WITHDRAWAL RIGHTS.
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NCUA PROVIDES $250,000 IN
COVERAGE FOR THE INTERESTS
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EACH CO-OWNER HAS IN JOINT
ACCOUNTS.
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ONLY THE PRIMARY MEMBER NEEDS
TO BE A MEMBER OF THE CREDIT
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UNION, CO-OWNERS ON A JOINT
ACCOUNT ARE NOT REQUIRED TO BE
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CREDIT UNION MEMBERS.
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THE THIRD OWNERSHIP TYPE IS
REVOCABLE TRUST ACCOUNTS,
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ALSO KNOWN AS PAYABLE ON
DEATH,
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IN-TRUST-FOR, LIVING TRUST, OR
FAMILY TRUST ACCOUNTS.
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THEY ARE SHARE ACCOUNTS OWNED
BY ONE OR MORE PEOPLE WHO
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INTEND TO LEAVE THEIR FUNDS TO
ONE OR MORE BENEFICIARIES WHO
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WILL RECEIVE THE FUNDS UPON
THE DEATH OF THE OWNER(S).
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A BENEFICIARY CAN BE A NATURAL
PERSON,
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CHARITABLE ORGANIZATION, OR
OTHER IRS RECOGNIZED
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NON-PROFIT ENTITY.
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NCUA GENERALLY INSURES THE
OWNER OF THESE ACCOUNTS BY
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PROVIDING $250,000 IN COVERAGE
FOR EACH DIFFERENT
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BENEFICIARY, REGARDLESS OF
EACH BENEFICIARY’S
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INTEREST IN THE ACCOUNT.
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UNLIKE JOINT ACCOUNTS, ALL
REVOCABLE TRUST ACCOUNT OWNERS
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MUST BE MEMBERS OF THE CREDIT
UNION TO
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OBTAIN INSURANCE COVERAGE.
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SPECIAL RULES APPLY FOR
DETERMINING COVERAGE ON
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REVOCABLE TRUST ACCOUNTS OVER
$1.25 MILLION WHERE THERE ARE
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MORE THAN FIVE BENEFICIARIES.
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THE FOURTH OWNERSHIP TYPE NCUA
COVERS SEPARATELY IS
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RETIREMENT ACCOUNTS.
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THIS TYPE INCLUDES TRADITIONAL
AND ROTH IRAS OR KEOGH ACCOUNTS.
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A KEOGH IS A TYPE OF
RETIREMENT PLAN FOR
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SELF-EMPLOYED PEOPLE OR SMALL
BUSINESSES,
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BUT IT IS NOT AN IRA.
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NCUA ADDS YOUR TRADITIONAL AND
ROTH IRAS TOGETHER FOR
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INSURANCE COVERAGE UP TO A
MAXIMUM OF $250,000.
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NCUA ALSO INSURES YOUR KEOGH
ACCOUNT UP TO $250,000
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SEPARATELY FROM ANY
TRADITIONAL OR ROTH IRA
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ACCOUNTS YOU MAY HAVE AT THE
SAME CREDIT UNION.
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REMEMBER, FOR MORE INFORMATION
ABOUT HOW YOUR MONEY IS SAFE
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AT A FEDERALLY INSURED CREDIT
UNION,
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GO TO MYCREDITUNION.GOV.
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THANK YOU FOR WATCHING.
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