Adding a Beneficiary Has Benefits. Like Up to an Extra $250,000 in Deposit Insurance.

We all like to enjoy a bit of peace of mind, particularly when it comes to our finances.

That’s why we think it’s important to take this opportunity to make sure you’re aware of the increased deposit insurance coverage that may be available to you.

You probably already know that your Avadian deposits are insured by the National Credit Union Administration for up to $250,000. You may even know that Avadian provides you with up to an additional $250,000 in coverage through Excess Share Insurance Corporation (ESI), a licensed insurance company.

But you may not know that your maximum insurance coverage increases when you add joint owners or beneficiaries to your account(s)¹.

That’s because each account owner is provided with up to $250,000 coverage by the NCUA. So, for instance, adding your spouse as a joint on an account takes your maximum combined insurance coverage up to $500,000.

Adding qualified² beneficiaries also can increase the maximum available coverage. Each beneficiary is covered for up to $250,000, meaning two beneficiaries would now have a maximum combined insurance coverage of $500,000. Each additional beneficiary increases the combined coverage by up to $250,000.

The ESI coverage that Avadian provides its members mirrors the NCUA coverage, doubling the combined coverage on your account. While the NCUA coverage has no limit to the number of beneficiaries, the ESI coverage has a limit of five beneficiaries.

Want to add a joint owner or beneficiaries to increase the insurance coverage on your accounts? Simply stop by your local branch or give us a call at 1.888.AVADIAN (1.888.282.3426), and we’ll take care of it.

¹Individual Retirement Accounts are covered by NCUA and ESI insurance, but the coverage is not increased by adding beneficiaries.

²Qualified beneficiaries must be one of the following: a natural living person, a charity, or a non-profit organization recognized by the IRS.

This credit union is federally insured by NCUA.
Additional insurance of up to $250,000 on your savings accounts is provided by Excess Share Insurance Corporation, a licensed insuranced company.