The media continues to report bad news from the financial services industry. With some of the nation’s largest banks reporting huge losses on real estate investments, many wonder if their hard-earned money is safe. Is your money safe at Chevron Federal Credit Union (CFCU)? Yes -- please rest assured that your savings ARE protected at CFCU!
Our members work hard for their money and we believe that protecting our members’ trust and share deposits are critical to our success. The shares in your CFCU accounts are federally insured by the National Credit Union Share Insurance Fund (NCUSIF), which is an arm of the National Credit Union Administration (NCUA). CFCU and all credit unions insured by NCUSIF must display the official NCUA insurance sign in their offices.
Individual Retirement Accounts (IRAs) continue to be insured up to $250,000. (Funds in traditional IRAs and Roth IRAs are added together and insured in the aggregate to $250,000.)
The dollar amount of coverage is based on both the account type and ownership type. Depending on the type and ownership of accounts, you could have more than $1 million in deposit insurance coverage. There are five different types of ownership accounts:
- Individual Accounts
- Joint Tenancy (joint account with right of survivorship)
- Revocable Trust Accounts
- Certain Retirements Accounts
- Payable on Death Accounts (PODs)
and each category has specific requirements that must be met to receive maximum coverage. To see how you can get the most from your coverage, please contact us for a copy of the brochure “Facts About…Federal Share Insurance At Your Credit Union.”
So bring your savings to us and be confident that CFCU will take good care of it. For additional information on how account ownership and type affect insurance coverage, please visit the Share Insurance page on NCUA’s website, stop by your local CFCU branch, or call us at 510-627-5000 or toll-free 800-232-8101.
Source: “Share Insurance Protects Your Savings” and “Higher Deposit Coverage Gives You More Reasons to Save.” Copyright 2007 Credit Union National Association Inc. Information subject to change without notice. All other rights reserved.
This article was previously posted in the "What's New" section on our website home page in September 2008, and was also published in CFCU's September 2008 edition of the e-Connection newsletter. In order to avoid confusion, however, please note that we have updated the NCUA insurance coverage to reflect the recent increase that went into effect on October 3, 2008.