Each member's funds are federally insured by the NCUA (National Credit Union Administration), an agency of the United States Government. NCUA insurance at a credit union is similar to FDIC insurance at a bank.
Many members' funds are insured to much more than $250,000—depending on their memberships and accounts at Star One.
- Read the NCUA's Your Insured Funds, which provides detailed information about your share insurance.
- Try the NCUA Insurance Estimator calculator. It can assist in determining if you have adequate savings insurance for your Star One accounts.
- The NCUA Insurance Call Center, operating from 8:00 am to 6:30 pm EDT Monday through Friday, has insurance experts available to answer questions about the coverage provided by NCUA (credit union) share insurance. The toll-free Insurance Call Center number is (800) 755-1030 extension 1.
How much insurance can my accounts have?
Increase your total account insurance above $250,000 by keeping funds in multiple memberships of different types that are insured separately.
| Individual Accounts | |
|---|---|
| up to $250,000 | Your Star One Individual Membership—with no beneficiaries and no joint owners—is insured up to $250,000. Funds insured includes the total of all savings, checking and certificate accounts in the membership. Actual title to each insured account must be in the name of the account holder named. Thus, if a member sets up a number of accounts under different names with no intention of creating the indicated ownership interests with respect to the funds, savings insurance will not be increased. The funds will be insured only as the funds of the true owner. |
| Uniform Transfer to Minors Act Accounts | |
|---|---|
| up to $250,000 | An account opened under the Uniform Transfer to Minors Act (UTMA) is insured as a single ownership account of the minor. It does not affect the insurance coverage of the custodian in any way. Insurance scenario on a UTMA account:
|
| Joint Accounts | |
|---|---|
| up to $250,000 (per owner) | The total of your share of balances in all of your Joint Accounts at Star One (savings, checking and certificates)—whether you are the primary member or joint owner—is insured up to $250,000, in addition to other accounts. Common scenarios on a joint account that you might own are:
|
| Pay-on-Death Accounts, also known as Tentative or “Totten” Trusts * | |
|---|---|
| up to $250,000 (per beneficiary) | Each of your accounts with different beneficiaries (Pay-on-Death Accounts) is individually insured up to $250,000—separately from your other accounts. Sample Pay-on-Death Account setups are:
|
| Revocable Trusts and qualifying Living Trusts * | |
|---|---|
| up to $250,000 (per owner's beneficiary) | Revocable Trusts and qualifying Living Trusts are each individually insured up to $250,000—separately from your other accounts. Sample Revocable Trust setups include:
|
| Retirement Accounts | |
|---|---|
| up to $250,000 | IRAs are eligible for separate insurance protection up to $250,000 and are subject to special rules for deposit and withdrawal. Traditional and ROTH IRAs will be combined and insured in the aggregate up to $250,000. |
NCUA Insurance Examples
| Family of Two | |
|---|---|
| Individual Accounts | |
| Ben | $250,000 |
| Linda | $250,000 |
| Join Account | |
| Ben & Linda | $500,000 |
| Pay-on-Death Accounts (POD) | |
| Ben's POD Account, Linda as Beneficiary | $250,000 |
| Linda's POD Account, Ben as Beneficiary | $250,000 |
| Maximum | $1,500,000 |
| Family of Four | |
|---|---|
| Individual Accounts | |
| Ben | $250,000 |
| Linda | $250,000 |
| Max (Child One) | $250,000 |
| Kate (Child Two) | $250,000 |
| Joint Accounts | |
| Ben & Linda | $250,000 |
| Ben & Max (Child One) | $250,000 |
| Linda & Kate (Child Two) | $250,000 |
| Max & Kate | $250,000 |
| None of the co-owners has an interest of more than $250,000 in all of the joint accounts, so the total amount held by each of the co-owners in all of the joint accounts is insured. | |
| Pay-on-Death Accounts (POD) * | |
| Ben's POD Account, Linda as Beneficiary | $250,000 |
| Linda's POD Account, Ben as Beneficiary | $250,000 |
| Revocable Trust Accounts * | |
| Ben as Trustor for Max (Child One) | $250,000 |
| Linda as Trustor for Kate (Child Two) | $250,000 |
| Ben as Trustor for Kate (Child Two) | $250,000 |
| Linda as Trustor for Max (Child One) | $250,000 |
| Maximum | $1,500,000 |
* Revocable Trust Accounts, Tentative or "Totten" Trust Accounts, Payable-on-Death Accounts and qualifying Living Trust Accounts
These accounts, or any similar accounts which evidence an intention that the funds shall pass on the death of the owner to a named beneficiary, are considered revocable trust accounts and are insured as a form of individual account. NCUA coverage is dependent on the number of owners and beneficiaries. Owners are individuals who are primary account holders in any membership. Please note that joint owners who are not primary account holders are not considered owners for insurance purposes. Contact the NCUA’s toll-free Insurance Call Center at (800) 755-1030 extension 1 for more information.
The funds in such accounts are insured for the owner up to a total of the $250,000 Standard Maximum Share Insurance Amount (SMSIA) for each beneficiary separately from any other individual accounts of the owner.
If the beneficiary is not a natural person or charitable organization or other non-profit entity under the Internal Revenue Code of 1986, the funds in the account that are attributable to that beneficiary are treated as an individually owned account of the owner, aggregated with any other individual accounts of the owner, and insured to the $250,000 SMSIA.