Your Accounts are Protected
Recent new stories regarding financial institutions and the stock market can make you feel uneasy. You can rest assured that your United Educators Credit Union deposit accounts are protected.
Your Savings are Insured up to $500,000
Savings at United Educators Credit Union are federally insured by the National Credit Union Share Insurance Fund (NCUSIF) up to $250,000 per member, and up to $250,000 per member by the Excess Share Insurance Corporation (ESI), for combined coverage of $500,000 - the highest level of combined federal/private share savings insurance available. In addition, certain retirement accounts are insured separately — up to $250,000 by NCUA and up to $250,000 by ESI - for a total of up to $500,000 per member. So, by maintaining your non-retirement savings and your IRA at the credit union, you could have a combined savings insurance of $1,000,000.
National Credit Union Share Insurance Fund (NCUSIF)
Your accounts are backed by NCUSIF, a fund maintained by the U.S. Treasury and administered by the National Credit Union Administration (NCUA). Federal insurance protects your money in savings, checking, VIP, certificates, 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. For more information, please review How Your Accounts Are Federally Insured provided by NCUA.
Not one penny of insured savings has ever been lost by a member of a federally insured credit union. As a member of UECU, you do not pay directly for your share insurance protection. UECU pays into the NCUSIF a deposit based on the total amount of insured shares in the credit union.
Savings Protection Increased with Excess Share Insurance
Member share savings in UECU are also protected through our affiliation with the Excess Share Insurance Corporation, a licensed property and casualty insurer. Excess Share Insurance Corporation's extended coverage offers the convenience of maintaining all your savings at one financial institution without sacrificing insurance protection. For more information on this additional insurance, please feel free to contact us or visit Excess Share Insurance Corporation.