The Facts About Share Insurance
Your Deposits Are Safe With Chesterfield FCU

The recent collapse of several banks across the country has many of our members wondering how and if their credit union accounts are insured by the National Credit Union Administration (NCUA).

WHAT IS THE NCUA? 
The National Credit Union Administration, commonly referred to as the NCUA, is the federal government agency that charters and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the U.S. Government, NCUSIF insures the accounts of millions of account holders in all federal credit unions and the majority of state-chartered credit unions.

WHY IS NCUSIF SHARE INSURANCE COVERAGE IMPORTANT? 
Share insurance coverage, offered through the NCUSIF, protects members against losses if a federally insured credit union should fail. You can confidently join and conduct business with federally insured credit unions because no member has ever lost money insured by the NCUSIF.  Historically, insured funds are available to members within just a few days after the closure of an insured credit union. Failures of federally insured credit unions are rare because only those with sound operational standards qualify to receive NCUSIF coverage. NCUA also regularly reviews the operations of all federal credit unions.

WHAT BASIC COVERAGE IS PROVIDED BY THE NCUSIF? 
The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their individual accounts. These accounts include regular shares, share drafts (checking), money market accounts and share
certificates. Individuals with account balances totaling $250,000 or less at the same insured credit union have full NCUSIF coverage. If a person has more than $250,000 at any single credit union, several options are available for additional coverage because the NCUSIF provides separate insurance for other types of ownership accounts. Members have full NCUSIF coverage at each federally insured credit union where they are qualified members. NCUSIF coverage protects credit union members from losses on a broad spectrum of savings account and share draft products.  However, the funds invested outside of the credit union in mutual funds, stocks, bonds,
annuities or life insurance policies do not have such protection and may lose value.

If you would like to sit down with a member service representative to discuss your options for share insurance on accounts larger than $250,000, please contact Jessica Lewis at 804-748-1417.