News

Your Money Is Safe With Us

9/01/2008
updated 10/6/08

The recent struggles of some financial institutions - notably those who were heavily involved in the subprime mortgage market - may have you wondering if your money is safe in your Credit Union.

We're pleased to say, "Absolutely".

Credit Unions are a place where consumers can feel confident knowing that their money will be there when they need it.  The National Credit Union Administration (commonly referred to as NCUA), is the federal government agency that charters and supervises federal credit unions.

NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), which is similar to the FDIC which insures banks.  The shares in your credit union are insured by the NCUSIF, which is backed by the full faith and credit of the United States Government.

The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their individual accounts. These accounts include regular shares, share drafts (checking accounts), money market (premium savings) accounts and share certificates. Individuals with account balances totaling $250,000 or less at the same insured credit union have full NCUSIF coverage.

Not one cent of insured savings has ever been lost by a member of a federally insured credit union. This is truly an example of how credit unions exist to benefit their members, an advantage no other institution can offer. The confidence in this security is reflected in each credit union member. According to consumers, the local, community and member focused philosophy of credit unions make them among the most–trusted organizations throughout the USA. In a survey conducted by the National Cooperative Business Association, consumers responded that they believe co-ops (credit unions and other cooperatives) are far more pro-consumer than for-profit organizations. Two-thirds of those questioned in the survey believe that credit unions are also more trustworthy than for-profit organizations because they are owned and governed by the people that utilize their products and services, have members on their board of directors and are locally owned and controlled.

Additional information can be found at the following websites:

National Credit Union Administration

Credit Union National Assocation - Federal Insurance