In these challenging economic times, we can relieve you of one potential concern, and that is the safety of Chevron Federal Credit Union (CFCU) and the money in your accounts here.
First, your accounts are backed by the National Credit Union Share Insurance Fund (NCUSIF), a fund maintained by the U.S. Treasury and administered by the National Credit Union Administration (NCUA). Federal insurance protects your money in share savings, share draft/checking, money market, share certificate, trust, and retirement accounts.
NCUA coverage is to credit unions as FDIC, or Federal Deposit Insurance Corporation, coverage is to banks. Both funds are backed by the full faith and credit of the U.S. government.
To learn more about NCUA coverage, please visit their website ncua.gov and click on "NCUA Share Insurance Tool Kit." You may also contact NCUA's Consumer Assistance Center at 800-755-1030 (press 1 for share insurance questions), Monday – Friday between 8 a.m. – 6 p.m., Eastern time. Experts are available to answer questions about NCUSIF coverage.
Second, CFCU operates with a safety net of capital that helps us weather temporary setbacks, and we maintain an "allowance for loan losses." This additional cushion anticipates losses when some members fail to repay loans.
Third, CFCU is examined regularly by the NCUA to make sure we are engaging in safe and sound operations, and we are required to submit quarterly financial performance reports to them. To view CFCU's financial performance reports, please click here. You will need to enter our charter number 24326.
We at Chevron Federal Credit Union can assure you that your money is safe!