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The federal government is closed today due to continuing snow. CUNA's Washington office is closed. Its Madison, Wis., office remains open.
CUs have federal savings insurance, CUNA reminds
WASHINGTON (9/26/08)--Following President George W. Bush's Wednesday night speech on an economic rescue plan, the Credit Union National Association (CUNA) in a national press statement reminded consumers the money of virtually all credit union members is protected by federal insurance at their credit unions--insurance coverage that is similar to that provided to banks by the Federal Deposit Insurance Corp. (FDIC).
"Regrettably, President Bush did not mention this important aspect of the federal safety net in his comments to the nation," said CUNA President/CEO Dan Mica.
"But, it's important for the millions of credit union members across the nation--with billions of dollars saved in their credit unions--to know their money is as safe and sound as any deposits in federally insured banks," he said.
Virtually every credit union across the nation has federal deposit insurance. Just like FDIC insurance at banks, savings are insured to at least $100,000. The federal insurance safety net at credit unions is provided by the National Credit Union Administration (NCUA), a U.S. Government Agency.
Additionally, the credit union insurance--just like the FDIC--is backed by the full faith and credit of the United States.
"In fact, no one with their savings at a federally insured credit union has ever lost a dime of their savings," Mica added.
CUNA on Thursday issued a nationwide press release to help credit unions reassure their millions of members that savings in credit unions are federally insured, just like savings in banks are insured by the FDIC.
Meanwhile, CUNA on Wednesday posted a video on both its website and the "America's Credit Unions" website of CUNA's Mica explaining federal savings insurance at credit unions. Access it at www.creditunion.coop.
Consumers can determine how much of their savings at your credit union is covered by federal insurance, visit the NCUA insurance calculator at http://webapps.ncua.gov/ins.
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