Notices of Changes in Temporary NCUA Insurance Coverage for Transaction Accounts
- Effective now through December 31, 2012, all funds in "noninterest-bearing transaction accounts" are insured in full by the National Credit Union Administration (NCUA).
- This unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA's general share insurance rules.
- The term "noninterest-bearing transaction account" includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no dividend.
- It does not include any transaction account that may earn dividends, such as a negotiable order of withdrawal (NOW) account, money-market account, or interest on Lawyers Trust Account (IOLTA), even if the share drafts may be drawn on the account.
- For more information about temporary NCUA insurance coverage of transaction accounts, please visit www.ncua.gov