The National Credit Union Administration (NCUA) is an agency of the U.S. Government and is responsible for the administration of the laws and regulations which govern federally chartered credit unions.
Generally, if a credit union member has more than one account in the same insured credit union, those accounts are added together and are insured up to at least $100,000. Shares maintained in different legal ownership capacities may each be separately insured. Individual, joint ownership, and testamentary accounts are the three most common types.
With federal share insurance through NCUA, these types of accounts are insured separately (to at least $100,000) from other accounts that the member maintains at the same credit union.
NCUA insures each member up to $250,000. Each credit union approved for insurance must meet stringent standards. Adherence to these standards is determined through regular examinations by Federal Examiners. Your Supervisory Committee also directs a full annual audit, which is performed by an independent Certified Public Accounting firm.
The law also requires that a percentage of the earnings be placed into reserves to protect against losses.
JHFCU has a surety bond which protects the Credit Union's money and valuable papers against robbery, forgery, dishonesty, and other hazards.
