Credit Unions remain a safe harbor despite recent bank failures
- Your Credit Union is a member-owned financial institution, managed for the benefit of members, not Wall Street stockholders
- Your funds are federally insured to at least $250,000, IRAs are separately insured up to an additional $250,000 each
- Credit Unions are nationally recognized for steering clear of the sub-prime mess by lending responsibly
- Credit Unions maintain a stronger capital ratio than banks, on average
- The Credit Union share insurance fund (NCUSIF) is strong and growing
- We post our financial statements in our lobby monthly. We are proud of what we do
At Cal State L. A. Federal Credit Union, member savings are insured to at least $250,000 per account by the National Credit Union administration (NCUA), an agency of the federal government; and Individual Retirement Accounts are separately insured up to an additional $250,000.
The National Credit Union Administration (NCUA) is the federal agency that administers the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF, like the FDIC's Deposit Insurance Fund, is a federal insurance fund backed by the full faith and credit of the U.S. Government.
The NCUSIF insures member savings in federally insured credit unions, which account for approximately 98 percent of all credit unions. All federal credit unions and the vast majority of state-chartered credit unions are covered by NCUSIF insurance protection.
Credit unions that are insured by NCUSIF must prominently display the official NCUA insurance sign. No credit union may terminate its federal insurance without first notifying its members.