Your Insured Funds
FINANCIAL SAFETY
YOUR INSURED FUNDS
Your deposits in Logix Federal Credit Union are federally insured by the National Credit Union Share Insurance Fund, an arm of the National Credit Union Administration. This insurance is similar to coverage offered by the Federal Deposit Insurance Corporation (FDIC), and both are backed by the full faith and credit of the United States government.
Your combined savings, money market and checking balances are insured up to $250,000. Your combined IRA balances are insured separately up to an additional $250,000. You may obtain additional coverage on multiple accounts you have with Logix if you have different ownership interests or rights (and you properly complete account forms and applications).
FREE INSURANCE REVIEW
Logix representatives can help you determine if your funds are fully insured and suggest options to increase your coverage. Please discuss your situation with us at a local branch, write us at [email protected] or call (800) 328-5328 to speak to a representative by phone.
COVERAGE EXAMPLES
The following examples show how a family may use multiple ownership and vesting options to increase their insurance coverage. For information, visit the National Credit Union Administration website at www.ncua.gov.
FAMILY OF TWO
Individual Accounts
Husband - $250,000
Wife - $250,000
Joint Tenancy Accounts - Joint account with right of survivorship
Husband & Wife -$500,000
Revocable Trust Accounts
Husband as Trustee for Wife -$250,000
Wife as Trustee for Husband - $250,000
Certain Retirement Accounts
Husband - $250,000
Wife - $250,000
TOTAL - $2,000,000
FAMILY OF THREE
Individual Accounts
Husband - $250,000
Wife - $250,000
Joint Tenancy Accounts
Joint account with right of survivorship
Husband & Wife - $500,000
Totten Trust (Pay on Death) Accounts
Husband Totten Trustee with Wife - $250,000
Husband Totten Trustee with Child - $250,000
Wife Totten Trustee with Husband - $250,000
Wife Totten Trustee with Child - $250,000
Certain Retirement Accounts
Husband - $250,000
Wife -$250,000
TOTAL - $2,500,000
Your Insured Funds - Overview
Your Insured Funds - Comprehensive brochure