How to Get Your Budget Ready for the Holidays
We spend a lot of money on the holidays. This year, Americans are expected to drop an average of $1,638 on gifts, travel, and entertainment.
You work hard for your money, and you shouldn’t have to worry about whether or not it’s protected.
With strong federal share insurance backed by the full faith and credit of the United States, you won’t have to. The shares in your Chevron Federal Credit Union accounts are insured up to $250,000 (possibly more depending on your account structure), by the National Credit Union Share Insurance Fund (NCUSIF), which is an arm of the National Credit Union Administration (NCUA).
For example, if you have an individual savings account and an IRA at the same federally insured credit union, the individual savings account is insured up to $250,000 and the IRA is separately insured up to $250,000 because you have different ownership rights in each account. That’s up to $500,000 in insurance coverage.
If you have an individual checking account and a joint savings account at the same federally insured credit union, the individual checking account is insured up to $250,000 and your part of the joint savings account is separately insured up to $250,000 because they are different ownership types. The total insurance coverage of the joint account (up to $500,000 for the two joint members) and individual checking account (up to $250,000) is up to $750,000.
Visit www.mycreditunion.gov to learn more about share insurance, view more in-depth examples, and calculate your coverage with their Share Insurance Estimator. Feel free to call us, make an appointment, or stop in a branch to speak with us about organizing your accounts for the maximum amount of federal insurance.
You can also download a copy of the brochure “How Your Accounts Are Federally Insured".