A Message from Our President and CEO

Both banks and credit unions are federally insured.  Banks are insured by the FDIC and credit unions are insured by the NCUA.  Both protect accounts up to $250,000, but what most people don’t know is that it’s easy to set up your accounts to double or triple that amount if you have more than $250,000 at one place.

If you have less than $250,000 deposited at Patelco in checking, savings, certificates, or money market accounts, you are automatically covered.

You can get additional coverage depending on the type of accounts you have or how you set up your account ownership.

For example, if you also have a joint account and you both are listed as 50% owners, you have an additional $250,000 of protection for that joint account, and your co-owner also has a separate $250,000 of protection for their 50% share of the joint account.

If you have a trust account, that is eligible for another $250,000 of coverage.

If you have an IRA account that is invested in a certificate or a money market deposit account, it qualifies for its own $250,000 in coverage.

If you have questions about insurance coverage on your deposits with Patelco, we recommend that you talk to the Patelco team about your accounts and your deposits insurance coverage. You can meet online or visit a branch near you.