Note: It is important to remember that the examination of increased deposit insurance coverage on this page when adding joint owners and beneficiaries is applicable to non-retirement accounts (savings, checking, CD, and money market accounts).
Non-retirement deposit accounts at Avadian are insured by the National Credit Union Administration (NCUA) in one of three ways:
- Each member has up to $250,000 in combined coverage for all deposit accounts for which they are the sole owner.
- Each member has up to $250,000 in combined coverage for all deposit accounts for which they are a joint owner.
- Each beneficiary has up to $250,000 in combined coverage for all the deposit accounts for which they are a named beneficiary.
These coverage limits apply whether the funds are in a single account or spread across multiple deposit accounts for each account ownership type.
It’s also important to remember that Avadian provides additional insurance of up to $250,000 through Excess Share Insurance Corporation, a licensed insurance company. ESI coverage mirrors NCUA coverage, doubling your coverage limits.