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FDIC Insurance At NFCU

Fifi
  |     |   16 posts since 2015

My CDs are worth more than $250K FDIC insured level at NFCU. I love dealing with them and don't want to move $$ to another CU.

My question: Do you think it is possible that the largest CU in the world would go out of business and I would lose all $$ above $250K?

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2


Answers
Bozo
  |     |   1,375 posts since 2011
NFCU (insured by the NCUA) has CSRs who will explain many options to increase your limit beyond $250K for after-tax deposits. The $250K limit is fixed for IRA accounts.

That said, is it possible? Sure, anything's possible. Is it likely? No.

To always be safe, keep IRA accounts within the FDIC/NCUA limits. For after-tax accounts, use J/T, POD, ITF, etc.
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7
me1004
  |     |   1,379 posts since 2010
The only justification to suffer low bank and CU rates is the FDIC or NCUA insurance. If you don't have it, get out. That said, Bozo is right, you can increase the insurance. Primary way is to add two beneficiaries, the second one will get you another $250,000 coverage. (Actually, I think we went over this once before, and I think maybe the NCUA gives the extra coverage for simply the first beneficiary, unlike the FDIC, which gives that on second.)
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2
Ally6770
  |     |   4,294 posts since 2010
NCUA also gives extra coverage for each added beneficiary. Check with the site for explanations.
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2


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