Finding out whether your credit union is federally insured is simple. If your credit union is federally insured, it means your money is too. First, it is important to know who regulates your branch. All federal credit unions are regulated by the National Credit Union Administration (NCUA) and are easily spotted by their name, which typically contains the word “federal”. Credit unions also based in Delaware, Wyoming, Arkansas, South Dakota or the District of Columbia are considered federal.
If the credit union does not sport the word “federal” in the title and is not located in any of the above-mentioned states, then it is most likely a state-charted credit union. In this type of financial institution, the regulator would be the state supervisory authority situated in the credit union’s main office.
Who Insures My Credit Union?
Federal credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF) and supported by the full faith and credit of the United States. Like the Federal Deposit Insurance Corporation established for privately owned financial institutions, the NCUSIF provides deposit insurance coverage. Congress implemented it in 1970 to insure member share accounts in credit unions.
Deposits made by member shareholders in state-chartered credit unions are generally insured by private insurers. The insurers are not backed by the full faith and credit of the United States government. Therefore, the coverage they provide for deposits is non-federal insurance.
If you’re curious about your local credit union, simply visit the bank location and look for the NCUA insurance sign. All credit unions protected by the NCUSIF must display notice of their federal coverage. Also, all federal credit unions must be insured by the NCUA and cannot terminate this standing unless members have been notified.
To learn more about our insured deposits by the NCUA, contact the Harlingen branch of Valley Federal Credit Union at (956) 425-5668 or the Brownsville main office at (956) 546-3108. Experience security, perks and membership for life with your local federal credit union.