Recently you may have heard about the various bank failures and began wondering.... Is your money safe? How much insurance coverage do I have on my account(s)? It is important to note that these failed banks were deeply involved in sub prime mortgage lending and had very little capital. Risky mortgages that were made, and the current housing market, resulted in some serious financial problems for them.
Please rest assured knowing ElecTel Cooperative Federal Credit Union is financially healthy, with a strong balance sheet.
Federal insurance covering credit union:
- All credit unions are federally insured by a fund that, like the FDIC, is backed by the full faith and credit of the U.S. government.
- As the FDIC does for banks, the National Credit Union Share Insurance Fund (NCUSIF) insures a person’s savings up to at least $250,000, with higher total coverage available if the member has a combination of individual, joint, trust, payable-on-death and other types of accounts; there is also separate insurance coverage of up to $250,000 for individual retirement accounts. Click here to visit the NCUA’s Web site.