Share Insurance Coverage
IS MY MONEY SAFE IN LEYDEN CREDIT UNION?
Credit unions encourage their members to save
regularly to build economic security for themselves and their
families. Federally insured credit unions offer a safe place for you
to save your money, with deposits insured up to $250,000 per
individual depositor. The National Credit Union Administration (NCUA)
is the independent agency that administers the National Credit Union
Share Insurance Fund (NCUSIF). Like the FDIC's Deposit Insurance
Fund, the NCUSIF is a federal insurance fund backed by the full
faith and credit of the United States government.
The NCUSIF insures member savings in federally
insured credit unions, which account for about 98% of all credit
unions in the United States. Deposits at all federal credit unions
and the vast majority of state-chartered credit unions are covered
by NCUSIF protection.
All federally insured credit unions must
prominently display the official NCUA insurance sign at each teller
station and where insured account deposits are normally received in
their principal place of business and in all branches. Federally
insured credit unions are also required to display the official sign
on their Internet page, if any, where they accept deposits or opens
accounts. No credit union may end its federal insurance without
first notifying members.
On July 22, 2010, Congress permanently increased
NCUA's standard maximum share insurance coverage to $250,000.
As a member of a federally insured credit union,
you do not pay directly for your share insurance protection. Your
credit union places a deposit into the NCUSIF and pays an insurance
assessment based on the total amount of insured shares and deposits
in the credit union.