NCUA Coverage With Multiple POD Beneficiaries?

  |     |   41 posts since 2014

Was trying to figure out what the NCUA coverage would be for a couple CDs I have at two credit unions. I tried looking at the NCUA's website, but the online caculator there will only work with up to 3 PODs -- if you try to enter more than 3 an error message says to call the NCUA.

So... what would be the NCUA Coverage (in case of credit union failure) under the following two scenarios, please? (And if you have NCUA links verifying the info I'd appreciate it). Boy that online calculator at NCUA is both a pain and useless if you have more than 3 PODs...

(1) At Credit Union #1: CD, Single Owner (myself), with 4 PODs (all currently living) on the account. How much insurance coverage?

(2) At Credit Union #2: CD, Single Owner (myself), with 5 PODs (all currently living) on the account. How much insurance coverage?

(PS: In both cases, there's no additional $$ in other accounts at either credit union, other than the $5 membership requirement).


  |     |   21 posts since 2018
racecar, answers to your questions, assuming accounts are titled correctly, appear to be:
(1) $1,000,000
(2) $1,250,000

When there are FIVE OR FEWER beneficiaries, the maximum deposit insurance coverage for each trust owner is determined by multiplying $250,000 times the number of unique beneficiaries, REGARDLESS of the dollar amount or percentage allotted to each unique beneficiary.

This does NOT apply if there are SIX OR MORE unique beneficiaries with UNEQUAL beneficial interests, and the insurance coverage calculation in such a case becomes more complex (see NCUA brochure titled “Your Insured Funds”).
  |     |   155 posts since 2019
For questions about the NCUA’s share insurance coverage, call 1.800.755.1030, option 1, Monday through Friday, 8 a.m. to 5 p.m. Eastern, or send an email to [email protected]
  |     |   41 posts since 2014
(EDIT doesn't seem to be working today no matter how much I try, so have to clarify here...)

No spouse, all PODs living and split evenly (20% when there are 5 PODs, 25% when there are 4).

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