Deposit Insurance Is Included
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All Provident Credit Union deposits are federally insured to at least $250,000 per member (in addition to a separate $250,000 insurance for IRAs) by the National Credit Union Administration (NCUA), a United States Government agency. This agency
charters and supervises federal credit unions and insures savings in federal credit unions and most state-chartered
credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a
federal fund backed by the full faith and credit of the United States government.
To better understand this protection, try out the NCUA's Share Insurance Estimator.
Some Good News About a Recent Insurance Increase:
Notice of Changes in Temporary NCUA Insurance
Coverage for Transaction Accounts:
All funds in a "noninterest-bearing transaction account" are insured in full by the National Credit Union Administration through December 31, 2012. This temporary 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 interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal ("NOW") account, money-market deposit account, and Interest on Lawyers Trust Account ("IOLTA"), even if share drafts may be drawn on the account.
For more information about temporary NCUA insurance coverage of transaction accounts, visit NCUA.gov.
No Need to Apply!
No action is needed: all funds that you deposit into Provident Credit Union (to at least $250,000 per member, and up to $250,000 for IRAs) are automatically covered.
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