FOR IMMEDIATE RELEASE
Contact: Susan Dyer, Director of Communications, 800.392.3074, x1362
During these uncertain times, credit union members can be assured their money and accounts are safe at a credit union. Credit union members have never lost a single dollar of insured savings at a federally insured credit union.
All credit unions in our state are federally insured through the National Credit Union Administration (NCUA), the federal agency created by the U.S. Congress to regulate, charter and supervise credit unions. Across the board, credit union accounts are insured and protected through the NCUA. The level of protection NCUA insurance provides is $250,000 per account, the same level as other financial institutions through the FDIC.
Credit union members have never lost even a penny of their insured savings at a federally insured credit union.
“Credit unions are the safest place for members’ money,” said Brad Douglas, president/CEO of the Heartland Credit Union Association. “During this unprecedented time, credit unions are doing what they do best – helping their members. Their top priority is the safety and soundness of their members’ accounts.”
The NCUA insures and protects credit union members’ savings accounts, share drafts (similar to checking accounts), share certificates, money market accounts, retirement accounts most commonly structured as IRAs, and trust accounts.
Consumers should be reminded that keeping money at a credit union or other financial institution is safer and more secure than holding on to a large amount cash in your home.
“Withdrawing large amounts of cash puts consumers funds at risk to be stolen or lost, and those funds cannot be replaced,” said Douglas. “The system has protections in place to keep your funds safe. And, credit unions are member-owned, so we are focused on helping the people we serve and putting their best interests first.”
Credit union members can calculate the amount of insured funds at a federally insured credit union using NCUA’s Share Insurance Estimator. The Estimator can be used for personal, business, or government accounts.
As not for profit financial cooperatives, credit unions are owned by the people who use them and have a strong focus on people helping people. Credit unions grew in the United States during the Great Depression, continued to lend during the Great Recession, and are here for our members during the COVID-19 pandemic. Credit unions aim to serve consumers through all times and stages of their lives – including challenging times and financial distress.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. For more information, watch the video (5 min): https://www.mycreditunion.gov/share-insurance
The Heartland Credit Union Association is the trade association for credit unions in both Kansas and Missouri, which serve more than 2.7 million people collectively.
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