SHARE SAVINGS ACCOUNTS with MOTION
You can become a Motion FCU member/owner by opening a Share Savings account. Because Motion account holders are member/owners, deposits in accounts are considered “shares”. You may open a share savings account with as little as $5.00. With this account you can deposit and withdraw funds at anytime ($5.00 is the minimum balance required to keep the account open).
YOUR $250,000 IS COVERED!
Your shares in Motion Federal Credit Union are insured by the National Credit Union Share Insurance Fund (NCUSIF) or the Fund, an arm of NCUA. Established by Congress in 1970 to insure member share accounts at federally insured credit unions. The Fund is managed by NCUA under the direction of the three-person NCUA Board. Share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC).
The basic insured amount for a credit union member/owner under current law is $250,000. Share accounts maintained in different rights or capacities, or forms of ownership, may each be separately insured up to $250,000. Thus, a member may hold or have an interest in more than one separately insured share account in the same insured credit union.
All types of member share accounts and deposits received by the credit union in its usual course of business, including regular shares, money market accounts, share certificates, and share draft accounts may be insured.
If a member has an Individual Retirement Account in the credit union, this account is separately insured up to $250,000 by NCUA. It’s YOUR RIGHT to have your money protected. We have you covered at Motion!
Federally Insured by the NCUA
Share insurance coverage is provided by the National Credit Union Administration (NCUA), an independent government agency that charters, regulates and insures federal credit unions. Your shares are backed by our solid financial standing. However, the insurance protects members against loss if a federal credit union fails.
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