NCUA Unveils Web-based Share Insurance Estimator

ALEXANDRIA, Va.-NCUA boosted the usefulness of its Web site with a new Electronic Share Insurance Estimator based on the Federal Deposit Insurance Corporation’s model. The estimator allows credit union members to estimate the amount of their deposit insurance provided by the National Credit Union Share Insurance Fund based on the type and structure of their credit union accounts. It also includes a question and answer section explaining the various types of accounts. NCUA worked off the Federal Deposit Insurance Corporation’s model. The estimator was designed to provide credit union members with basic information about share insurance protection and explain the various types of share accounts in an easy to understand question and answer format. While it can be used to calculate some simple business accounts and payable-on-death accounts, it cannot calculate deposit insurance coverage for the more complex public unit accounts, business accounts and revocable trust accounts.