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Share insurance coverage can be increased only if accounts are held in different categories of ownership. These categories include the four most common 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 products. For example, the type of products in which a member account is held - whether savings accounts, share draft/checking accounts, or share certificates - has no bearing on the amount of insurance coverage.

Member accounts at each federally insured credit union are insured separately from any accounts held at another federally insured credit union. If an insured credit union has branch offices, the main office and all branch offices are considered one credit union for insurance purposes. A member cannot increase insurance coverage by placing funds at different branches of the same federally insured credit union. Similarly, member accounts held with the Internet division of a federally insured credit union are considered the same as funds deposited with the "brick and mortar" part of the credit union, even if the Internet division uses a different name.

You may qualify for more than $250,000 in coverage at one federally insured credit union if you own share accounts in different ownership categories. The most common account ownership categories are single owner accounts, joint accounts, certain retirement accounts, revocable trust accounts, and irrevocable trust accounts.

• Single Ownership Accounts (owned by one person with no beneficiaries): $250,000 per member-owner
• Joint Ownership Accounts (two or more persons with no beneficiaries): $250,000 per owner (with the primary owner a member of the credit union)
• IRAs and other certain retirement accounts: $250,000 per member-owner
• Revocable trust accounts: Each member-owner is insured up to $250,000 for each eligible beneficiary named or identified in the revocable trust, subject to limitations and requirements.
• Irrevocable trust accounts: Either all grantors or all beneficiaries of the irrevocable trust account must be members of the credit union.  Each beneficiary’s trust interest from the same grantor that is capable of determination without evaluation of contingencies is insured up to $250,000.  All beneficiaries’ trust interests from the same grantor that are not capable of determination without contingencies are aggregated and insured up to $250,000 total.  Insurance coverage on these accounts is frequently limited to a total of $250,000. Coverdell Education Savings Accounts, formerly education IRAs, are insured as irrevocable trust accounts.

A qualifying eligible beneficiary must be a natural person, or a charitable organization or non-profit entity under the Internal Revenue Code.

These share insurance coverage limits refer to the total of all shares that account owners have at each federally insured credit union and assumes that all NCUA requirements are met.

 A member of a federally insured credit union with $250,000 or less in that federally insured credit union is fully insured. A member can have more than $250,000 at one insured credit union and still be fully insured provided the accounts meet certain additional requirements and are properly structured. In addition, federal law provides for insurance coverage of up to $250,000 for certain retirement accounts.

These share insurance coverage limits refer to the total of all shares that account owners have at each federally-insured credit union and assumes that all NCUA requirements are met.

NCUA share insurance covers many types of share deposits received at a federally insured credit union, including deposits in a share draft account, share savings account, or time deposit such as a share certificate. NCUA insurance covers members' accounts at each federally insured credit union, dollar-for-dollar, including principal and any posted dividend through the date of the insured credit union’s closing, up to the insurance limit. This coverage also applies to nonmember deposits when permitted by law.

NCUA does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investment or insurance products are sold at a federally insured credit union. Credit unions often provide these services to their members through third-parties, and the investment and insurance products are not insured by the NCUSIF. 

In addition, NCUA does not insure safe deposit boxes or their contents.

All primary owners (natural person(s) and non-natural person(s)) on any share account at a federally insured credit union must fall within that credit union's field of membership and be on record as a member of that credit union. Co-owners on joint accounts with a right of survivorship with no beneficiaries are provided insurance coverage regardless of whether they are a member. However, co-owners on revocable trust accounts must be members of the credit union for their portion of the funds to be federally insured. Also, for irrevocable trust accounts, either all grantors or all beneficiaries of the  irrevocable trust account must be members of the credit union. If membership status is unknown, one should inquire with their credit union. This coverage also applies to nonmember deposits when permitted by law.

All federally insured credit unions must prominently display the official NCUA insurance sign at each teller station, where insured account deposits are normally received in their principal place of business and in all branches. federally insured credit unions are also required to display the official sign on their Internet page, if any, where they accept share deposits or open accounts. No credit union may end its federal insurance without first notifying its members.

The NCUSIF protects members’ accounts in federally insured credit unions, in the unlikely event of a credit union failure. The NCUSIF covers the balance of each member’s account, dollar-for-dollar up to the insurance limit, including principal and posted dividends through the date of the failure.

The National Credit Union Administration (NCUA) is the independent agency that administers the National Credit Union Share Insurance Fund (NCUSIF). Like the FDIC's Deposit Insurance Fund, the NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government. The NCUSIF insures member savings in federally insured credit unions, which account for about 98 percent of all credit unions in the United States. Deposits at all federal credit unions and the vast majority of state-chartered credit unions are covered by NCUSIF protection.

The National Credit Union Administration (NCUA) operates and manages the Share Insurance Fund which insures deposits up to $250,000 at federally insured credit unions. In the unlikely event of your credit union closing, the NCUA’s Asset Management and Assistance Center will work quickly to return your funds and mitigate further disruptions.

As with many products or services, there are fees, taxes, and other costs associated with conducting the transaction. Many states have consumer protection laws in place to help monitor and ensure proper disclosure of these costs. However, international money transfers have fallen largely outside the scope of federal consumer protection laws. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act expanded the Electronic Funds Transfer Act to establish minimum federal consumer protections for remittances.

Consumers in the United States send billions of dollars to friends, family and businesses domestically and in other countries. There are two types of wire transfers domestic and remittance transfers also known as “international wires” or “international money transfers.” Domestic wire transfers move money from one account to another within the same country, while international transfers involve money moving from one country to another.

A hard inquiry means that someone has requested to look at your credit report to determine your creditworthiness. Hard inquiries typically occur when you apply, for instance, for a new credit card, car loan or mortgage. Hard inquires will show up on your credit report and may stay there for two years. Additionally, hard inquiries may lower your credit score.

Appraisal discrimination is illegal under federal law and prohibited by professional appraisal standards. The Fair Housing Act and the Equal Credit Opportunity Act prohibit appraisers from discriminating against you. If you think you have been discriminated against, you can file a complaint with the state agency that regulates appraisers. To find out which agency to notify, contact the Appraisal Complaint National Hotline. The hotline doesn't handle complaints but will refer you to the appropriate authority. You may fill out a form on the website or call the toll-free number at 877-739-0096.

You may also file a complaint with a state or federal financial regulatory agency if you think your lender discriminated against you by relying on a biased appraisal. To submit a complaint against your credit union, please contact the NCUA’s Consumer Assistance Center or call 800-755-1030. You may also contact the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/complaint/ or call 855-411-2372. 

You may also file a fair housing complaint directly with HUD's Office of Fair Housing and Equal Opportunity, online at https://www.hud.gov/program_offices/fair_housing_equal_opp/online-complaint or by calling 800-669-9777.

Under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the Appraiser Qualifications Board (AQB) establishes the minimum education, experience, and examination requirements for real property appraisers to obtain a state license or certification. The AQB issues the Real Property Appraiser Qualification Criteria.

No. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (Title XI) generally requires credit unions to obtain appraisals for real estate-related transactions regulated by the NCUA. In 2020, the NCUA amended its regulations to require credit unions to obtain appraisals when originating residential real estate loans of $400,000 or more. Loans for less than $400,000 generally require written estimates of market value instead of appraisals. While written estimates of market value do not have to be issued by state-licensed or -certified appraisers, they must still be issued by individuals with qualifications and experience to perform such estimates.

High Costs – Reverse mortgages can come with high upfront costs, including origination fees, closing costs, and mortgage insurance premiums. Reduced Home Equity – As you receive payments, your home equity decreases, which can limit the inheritance you leave to your heirs. Ongoing Expenses – You are still responsible for property taxes, homeowners’ insurance, and maintenance. Failure to keep up with these can lead to foreclosure. Impact on Benefits – Receiving reverse mortgage payments can affect eligibility for certain need-based government benefits, such as Medicaid. Complexity – Reverse mortgage can be complex and difficult to understand, requiring careful consideration and possibly professional advice.

Pros of Obtaining a Reverse Mortgage include the following.

• Supplemental Income – Reverse mortgages can provide tax-free income, which can help cover living expenses, medical bills, or other costs during retirement.
• Stay in Your Home – You can continue living in your home without making monthly mortgage payments, allowing you to age in place.
• No Monthly Payments – Unlike traditional loans, you don’t have to make monthly payments. The loan is repaid when you sell the home, move out, or pass away.
• Non-Recourse Loan – If the loan balance exceeds the home’s value, you or your heirs are not responsible for the difference if the home is sold for the appraised fair market value. The lender can only claim the home’s value.
• Flexible Payment Options – You can choose to receive the funds as a lump sum, monthly payments, a line of credit or a combination of these.