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Share Insurance Limit Raised to $250,000

    Your shares in San Tan Credit Union are insured by the National
    Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA.

    Established by Congress in 1970 to insure member share
    accounts at federally insured credit unions, the NCUSIF is
    managed by NCUA under the direction of the three-person NCUA
    Board.  Your share insurance is similar to the deposit insurance
    protection offered by the Federal Deposit Insurance Corporation
    (FDIC).  

    No credit union may terminate its federal insurance without first
    notifying its members.

    Here are some important facts to remember about your share
    insurance:

    Not one penny of insured savings has ever been lost by a member
    of a federally insured credit union.  The federal insurance fund has
    several programs to help insured credit unions which may be
    experiencing problems.  Liquidations or failures are a last resort.  If
    a federally insured credit union does fail, however, the NCUSIF will
    make any necessary payouts to the credit union’s members.  
    These payouts are usually done within 3 days from the time the
    credit union closes its doors.  

    As a member of an insured credit union, you do not pay directly for your share insurance protection.  Your
    credit union pays into the NCUSIF a deposit, and an insurance assessment, based on the total amount
    of insured shares and deposits in the credit union. Insured credit unions are required to deposit and
    maintain one percent of their insured shares and deposits in the NCUSIF.  The NCUSIF is backed by the
    full faith and credit of the United States government.  

    Most properly established share accounts in federally insured credit unions are insured up to the
    Standard Maximum Share Insurance Amount (SMSIA).   Recent legislation has increased the insurance
    coverage on accounts up to $250,000.  Generally, if a credit union member has more than one account
    in the same credit union, those accounts are added together and insured in the aggregate.  There are
    exceptions, though.  You may obtain additional separate coverage on multiple accounts, but only if you
    have different ownership interests or rights in different types of accounts and you properly complete
    account forms and applications.  For example, if you have a regular share account and an Individual
    Retirement Account (IRA) at the same credit union, the regular share account is insured up to $250,000
    and the IRA is separately insured up to $250,000.  However, if you have a regular share account, a share
    certificate, and a share draft account, all in your own name, you will not have additional coverage.  Those
    accounts will be added together and insured up to $250,000 as your individual account.  Roth IRAs will
    be added together With traditiona IRAs and insured up to $250,000.

    Additional coverage is available on revocable trust or payable on death accounts.  You can now name a
    parent or sibling as a beneficiary to get separate coverage.  Previously, beneficiaries had to be a
    spouse, child or grandchild.

    The rules on joint accounts have been simplified.  A co-owner’s interest in all joint accounts in the same
    credit union will be added together and insured up to the SMSIA.

    For more information, please visit the NCUA Share Insurance Estimator on the NCUA.gov website or
    contact us here at your credit union.
We do  business in accordance
With the Federal Fair Housing
Laws and the Equal Credit
Opportunity Act.