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Answers to Your Questions |
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| 1. Do I need to be a member of the State Employee's
Credit Union (SECU) to select the Federally-Insured Deposit Account as an
Investment Option? Membership in SECU is not required. As one of the 14 Investment Options in the
NC 529 Plan, the Federally-Insured Deposit Account Investment Option is available for selection as an Investment
Option by anyone who opens or already owns an NC 529 Account.
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| 2. If I am not a member of SECU, will I become a member by selecting the
Federally-Insured Deposit Account as an Investment Option?
No. Selecting the Federally-Insured Deposit Account as an Investment Option does not make you eligible
for SECU membership.
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| 3. What is the federal deposit insurance on the Federally-Insured
Deposit Account?
Both the principal and earned interest in the Federally-Insured Deposit Account are insured by the National Credit
Union Administration (NCUA), a government agency that is backed by the full faith and credit of the United States government.
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| 4. I'm a member of SECU, and have account(s) at SECU. Will the
Federally-Insured Deposit Account's NCUA insurance affect the NCUA insurance of my SECU accounts?
No. The NCUA insurance of the Federally-Insured Deposit Account is considered separately and will not affect the NCUA insurance
of any personal account(s) you may have with SECU. The money you allocate to the Federally-Insured Deposit Account Investment
Option through your NC 529 Account will not count towards the NCUA insurance coverage limits on other SECU account(s) you may own.
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| 5. Is there a cap or limit on the amount of NCUA insurance coverage for the
Federally-Insured Deposit Account?
No. There is no cap or limit on the NCUA insurance coverage for this Investment Option. The full amount of principal
and earned interest in the Federally-Insured Deposit Account is insured by the NCUA.
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| 6. Will this insurance cover other Investment Options I have in my
NC 529 Account?
No. Only the principal and the earned interest in the Federally-Insured Deposit Account Investment Option are
covered by NCUA insurance..
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| 7. Where can I get more information about the Federally-Insured
Deposit Account Investment Option?
For more information, please see the "INVESTMENT OPTIONS - FEDERALLY-INSURED DEPOSIT ACCOUNT" section of
the NC 529 Plan
Program Description.
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