For the first time in more than 25 years, Congress raised the limit on the federal share insurance coverage that protects your IRAs. The new law provides up to $250,000 of protection for the combined total of accounts such as traditional and Roth IRAs. Your funds are federally insured with the National Credit Union Administration (NCUA), an agency of the federal government.

The new limit is an opportunity for members who would like to place additional funds at the credit union’s very attractive rates up to the pre-determined IRA guidelines. IRAs have always been insured separately from other deposits, but had only been insured up to $100,000. IRAs will remain separately insured from other share accounts.

Products that will be insured for a combined total up to $250,000 with GECU include: IRA passbooks, traditional and Roth IRAs, and IRA certificates.

It’s important to know that this change does not affect the insurance coverage for our other share accounts (i.e. share, share draft, share certificates, etc); these remain separately insured up to $100,000.

For more information about the NCUA, or the increase in insurance, please visit: www.ncua.gov or call them at: 703-518-6300.