Deposit – or Share – Insurance protects the money you have in an insured institution in case that institution was to fail. If the bank or credit union collapses, the funds which are covered by that institution’s deposit insurance are guaranteed to you – so you won’t lose money if your bank or credit union fails.

It’s important to note that there are limits on the total amount insurance will cover. The FDIC – which insures most banks – and NCUA – which insures most credit unions – both cover up to $250,000 per individual, per ownership type, and per institution. If you have more than $250,000 in any one institution, it’s a good idea to make sure your funds are distributed appropriately to take advantage of that coverage in case of a bank collapse.

Sierra Pacific is insured by both the NCUA and Excess Share Insurance, so your deposits are covered for up to $500,000 per individual and account type.

Use this tool from the NCUA to estimate your total deposit coverage, and reach out to the Sierra Pacific team if you need help adjusting your balances to be fully covered.