Your deposits at Financial Center are federally insured by the National Credit Union Association (NCUA). Most accounts are insured for up to $250,000. Back to top.
No, the FDIC offers insurance for deposits at banks. However, Financial Center is insured through the NCUSIF, which is part of the NCUA. The NCUSIF is very similar to the FDIC except it was created for credit unions. Back to top.
Share insurance coverage changes depending upon the type of accounts you have and the amount of money in those accounts. You are guaranteed to be insured for up to $250,000 for your deposit accounts. If you have a joint account with another member or are a beneficiary of an irrevocable trust, those accounts are covered separately. Also, certain investment accounts, like IRAs and Koeghs, are covered for up to $250,000. Back to top.
The NCUSIF does look at certain types of accounts differently, so your coverage could be for more than $250,000. For details about your share insurance coverage, please visit the NCUA Web site – www.ncua.gov. Back to top.
The NCUA has a share insurance section on their Web site that explains all of the details regarding the NCUSIF and share insurance. You can access their site by visiting www.ncua.gov.
Financial Center also has pamphlets provided by the NCUA regarding share insurance. If you would like a copy of the pamphlet, please visit one of our branches or call our Call Center at 209-948-6024, ext. 0. Back to top.