Security in Troubled Times
These uncertain times often have people questioning their choices, especially financial ones. How much to save? How much to spend? Am I investing enough? Too much? Is my money safe?
We also believe strongly in your financial security. That’s why we’re here to help you navigate these questions. Although financial hardship may mean you need greater access to funds, one of the safest places to keep your money is generally in your account. Your funds are insured, still earning dividends, and we intend to remain open. You can also easily access your money by using your debit card, checks, or our Pay-a-Person service instead of using cash; and e-services to transfer money and pay bills.
One question we often hear is, “Are credit unions insured like other financial institutions?” Yes.
The National Credit Union Association
There are two national government agencies that can insure deposits in the United States. While banks generally insure deposits through the Federal Deposit Insurance Corporation (FDIC), credit unions generally insure them through the National Credit Union Association (NCUA). The NCUA insures the total funds you have in non-investment accounts at the credit union up to $250,000, the same limit as the FDIC. This coverage is provided at no charge to you.
This “share insurance” provided through the NCUA is backed by the full faith and credit of the U.S. government, so no matter what happens, your money is safe within the coverage limit.
Stay the Course
Our most common advice to our Members during a crisis is to stay calm, not make impulsive money moves, and ask us if you’re unsure when considering big changes. We are with you in the good times, and tough times, too.