All SECU deposits including Money Manager, Advantage Money Market and Certificate of Deposit accounts are Federally insured up to $250,000 by the National Credit Union Administration (NCUA).
Individual Retirement Accounts (IRAs) are insured separately from your other deposits at SECU. IRAs, including IRA Certificates of Deposit are insured up to $250,000 by the National Credit Union Administration (NCUA).
Important information about procedures for opening a new account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. This means that when you open an account at SECU we will ask you for your name, address, date of birth, and other information that will allow us to identify you. We will always ask to see your driver's license or other identifying documents.
Notice of Changes in Temporary NCUA Insurance 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 all checking accounts on which SECU pays no interest or dividends. It does not include any transaction account that may earn interest or dividends, including money market deposit accounts, even if checks may be drawn on the accounts. For more information about temporary NCUA insurance coverage of transaction accounts, visit www.ncua.gov.