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PriorityONE CU of Florida is a state chartered credit union, federally insured by a U.S. Government agency, the National Credit Union Administration (NCUA). Coverage assures that your savings will be paid to you in full, up to at least $250,000.

The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their individual accounts. These accounts include regular shares, share drafts (similar to checking), money market accounts, and share certificates. Individuals with account balances totaling $250,000 or less at the same insured credit union have full NCUSIF coverage. If a person has more than $250,000 at any single credit union, several options are available for additional coverage as the NCUSIF provides separate insurance for other types of accounts. This NCUA document explains the insurance coverage of your funds in detail.

By operation of Federal law, effective January 1, 2013, all funds in a “noninterest-bearing transaction account” will no longer receive unlimited share insurance coverage by the National Credit Union Administration (NCUA).  This temporary unlimited coverage was in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA general share insurance rules.

Beginning January 1, 2013, all of a member’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the NCUA share insurance fund up to the standard maximum of $250,000 for each type of account ownership category.  The term “noninterest bearing transaction account” includes a checking account on which the Credit Union pays no interest or dividend (including interest on Lawyers Trust Account).