The NCUA Board has increased share insurance limits to $250,000 for retirement accounts such as Traditional and Roth IRAs (Individual Retirement Accounts). Your regular share accounts remain federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
If you have more than one account at TEFCU, the accounts are added together and insured up to $250,000. However, there are exceptions. Share accounts maintained in different rights or capacities, or forms of ownership, may each be separately insured up to $250,000 and $250,000 for certain retirement accounts.
For example, a family of four may have up to $4.5 million in NCUSIF coverage:
| Type of Account | Amount Insured |
| Individual Account of Husband | $250,000 |
| Individual Account of Wife | $250,000 |
| Individual Account of Child #1 | $250,000 |
| Individual Account of Child #2 | $250,000 |
| Joint Tenancy Account of Husband, Wife, and two children * | $1,000,000 |
| Testamentary Revocable Trust Account with Husband as Trustee for Wife | $250,000 |
| Testamentary Revocable Trust Account with Wife as Trustee for Husband | $250,000 |
| Testamentary Revocable Trust Account with Husband as Trustee for Child #1 | $250,000 |
| Testamentary Revocable Trust Account with Wife as Trustee for Child #1 | $250,000 |
| Testamentary Revocable Trust Account with Husband as Trustee for Child #2 | $250,000 |
| Testamentary Revocable Trust Account with Wife as Trustee for Child #2 | $250,000 |
| Individual Retirement Account of Husband | $250,000 |
| Individual Retirement Account of Wife | $250,00 |
| Individual Retirement Account of Child #1 | $250,000 |
| Individual Retirement Account of Child #2 | $250,000 |
| Total Amount Insured: | $4.5 million |
* Presuming no interest by any of the four parties in other joint accounts at TEFCU
As a member of TEFCU, you do not pay directly for your share insurance protection. TEFCU pays into the NCUSIF a deposit, and an insurance assessment, based on the total amount of insured shares and deposits in the credit union. Insured credit unions are required to deposit and maintain one percent of their insured shares and deposits in the NCUSIF.
This Share Insurance coverage is an extra measure of protection for your money in share savings, share draft/checking, money market, share certificate, trust funds, and retirement accounts. Having this coverage protects you in the case that TEFCU ever gets into financial difficulties and has to close. Not one penny of insured savings has ever been lost by a member of a federally insured credit union. The NCUSIF is backed by the full faith and credit of the United States government.