Friday, March 10th, 2023
When you deposit money at AGCU, safety should be at the top of your priority list. One of the primary reasons to use a financial institution is to keep your money safe. It’s a great idea for members to save regularly to build economic security for themselves and their families.
Federally-insured credit unions are just as safe as FDIC-insured bank accounts. The National Credit Union Insurance Fund (NCUSIF), which is backed by the U.S. Treasury insures your funds. The National Credit Union Administration (NCUA), an agency of the U.S. government, administers NCUSIF coverage. According to the NCUA, “the NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government.” The NCUA reports that “Not one penny of insured savings has ever been lost by a member of a federally insured credit union.”
The NCUA insures up to $250,000 per account ownership type/account type and institution. What does that mean? It gets a little complicated depending on the account types but, essentially, it means that you have at least $250,000 of protection on your deposits should the worst happen and your bank or credit union is forced to close.
How much coverage you have depends on what category your account falls into. If you have a savings account and a checking account, those are both in the single owner account category, so they would be insured for a total of $250,000. But if you had accounts of different types—say a joint checking account and a single owner savings account—each account would be insured for $250,000, meaning you would have a total of $500,000 of protection.
To find out exactly how much coverage your accounts have, use the NCUA’s Share Insurance Estimator. After listing each account registration (such as an IRA, business account, or joint account), you’ll get a detailed report of your coverage, and you can identify any gaps.
Learn more about NCUA Insurance.
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