Federal Share Insurance
Deposit accounts held with Corning Credit Union are federally insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA), an independent agency of the United States government. Please visit NCUA's Share Insurance web page for additional information and a free Share estimator.
Share Account Coverage
Accounts are insured to at least $100,000 based on registration of ownership. If a Corning Credit Union member has more than one individual account, those accounts are added together and are insured to at least $100,000. Accounts maintained in different legal ownership registration may be insured separately.
There are numerous combinations of account registrations that can increase your total coverage. For example:
| Registration | Coverage |
|---|---|
| Individual .Husband .Wife |
$100,000 $100,000 |
| Joint Ownership .Husband & Wife |
$200,000* |
| Revocable Trust .Husband (Wife as Trustee) .Wife (Husband as Trustee) |
$100,000 $100,000 |
| Total Coverage | $600,000 |
* Each account holder's interest in all joint accounts are added together and insured to at least the $100,000 maximum. This means that the maximum insurance coverage could be greater than $100,000 for that account. In the case of a joint account owned by two persons, for example, the coverage doubles to $200,000 ($100,000 for the interest of each owner assuming either owner does not own other joint accounts).
IRA Account
Individual Retirement Accounts are insured separately to at least $250,000.
Totten Trust Accounts
Totten Trust Accounts are insured separately to at least $100,000 per designated qualifying beneficiary. If the beneficiary is a spouse, child, grandchild, parent, or sibling, whether through blood, adoption, or remarriage (such as a stepparent) of the account owner, the funds on deposit in the account are insured for the owner to at least a total of $100,000 for each such beneficiary separately from any individual accounts of the owner.


