Thursday, March 10th, 2022
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 checking account and an IRA—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.
AGCU has received an elite 5-star rating from Bauer Financial, one of the nation’s premier bank and credit union rating firms. This “top ranking” classifies our financially sound credit union as a “superior” financial institution. A 5-Star rating indicates that AGCU is one of the strongest banks in the nation, excelling in such areas as capital, loan quality, profitability, and much more.
Bauer Financial reviews financial data compiled from call reports as reported to federal regulators and uses a rigid barometer of multiple criteria to assess each financial institution, including capital ratios, profitability/loss trends, community reinvestment ratings (CRAs), historical data, and liquidity.
As an independent organization, Bauer Financial does not get paid to rate any institution, nor can any institution opt out of the rating system. This unbiased approach has earned the respect of regulators, bankers and consumers across the country. As such, the firm has been able to offer a reliable grading system for almost 40 years.
BAUERFINANCIAL, Inc., Coral Gables, Florida, the nation’s leading independent bank and credit union rating and research firm, has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. No institution pays BauerFinancial to rate it, nor can any choose to be excluded. Consumers may obtain free star-ratings by clicking here to visit www.bauerfinancial.com.
Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose