Cds With Multiple Beneficiaries To Increase NCUA Or FDIC Coverage

hank
  |     |   77 posts since 2016

I have a number of CDs that have PODs on them to increase insurance coverage I never worried about risks of these much before. e But now with this public health emergency, I am thinking about all the banks and credit unions that may be at risk of failing because of nonperforming loans to businesses and individuals. If any of these credit unions are taken over, will they have the correct information at the credit union to satisfy the NCUA requirements for additional coverage. This topic has been discussed on this site before and it seems there's no definite answer to feel totally comfortable that the additional coverage will be honored when the NCUA takes over



Answers
RJM_Willy12
  |     |   149 posts since 2016
People here can't agree if FDIC covers accrued interest.

Sure some people can give solid answers, but the most confident are often wrong.

If you want to know about NCUA insurance, go to the NCUA's site. Sounds like you already have done some research.

Here's a hint. Credit unions have failed in the past. Google to see if credit union customers have complained about being denied coverage, and if so, the alleged reason.


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