ALEXANDRIA, Va. (March 19, 2020) – The National Credit Union Administration is reminding credit union members of the safety of their deposits in federally insured credit unions. The NCUA also reminds individuals to remain vigilant against COVID-19-related scams.
Federally insured credit unions offer a safe place for credit union members to save money. All deposits at federally insured credit unions are protected by the National Credit Union Share Insurance Fund, with deposits insured up to at least $250,000 per individual depositor. Credit union members have never lost a penny of insured savings at a federally insured credit union. Additional information on NCUA share insurance coverage for consumers is available at MyCreditUnion.gov (opens new window).
Credit union members can calculate the amount of insured funds at a federally insured credit union using NCUA’s Share Insurance Estimator (opens new window). The Estimator can be used for personal, business, or government accounts. Personal accounts include individual ownership, joint ownership, payable-on-death (accounts with named beneficiaries), living trusts, and IRAs. The Estimator also includes an extensive Glossary of Terms (opens new window) and Frequently Asked Questions (opens new window).
For questions about the NCUA’s share insurance coverage, call 1.800.755.1030, option 1, Monday through Friday, 8 a.m. to 5 p.m. Eastern, or send an email to DCAmail@ncua.gov.
The NCUA is also reminding individuals to remain vigilant against scams (opens new window) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) related to the coronavirus. Cyber actors may send emails with malicious attachments or links to fraudulent websites to trick victims into revealing sensitive information or donating to fraudulent charities or causes. Exercise caution in handling any email with a COVID-19-related subject line, attachment, or hyperlink, and be wary of social media pleas, texts, or calls related to COVID-19. Visit NCUA’s Fraud Prevention Center (opens new window) for more information about frauds and scams, including how to report a scam.
Certainly! The National Credit Union Administration (NCUA) is a federal agency that oversees and regulates credit unions in the United States. They ensure the safety and soundness of these institutions, especially in terms of member deposits. The key focus here is on federally insured credit unions, which offer a safe haven for members' savings.
NCUA emphasizes the safety of deposits in federally insured credit unions through the National Credit Union Share Insurance Fund (NCUSIF). This fund guarantees that deposits are protected, with coverage up to $250,000 per individual depositor. One striking point they make is that no member has ever lost insured savings in a federally insured credit union, underscoring the reliability of this insurance.
To further reinforce this assurance, they provide resources such as the Share Insurance Estimator on their website, allowing credit union members to calculate the insured amount for their funds. This tool accommodates various types of accounts, including personal, business, and government accounts, catering to different ownership structures like individual, joint, payable-on-death, trusts, and IRAs.
Additionally, they offer a Glossary of Terms and Frequently Asked Questions to guide users in understanding the nuances of insurance coverage. To address any specific inquiries, they provide contact details—a phone number and an email address—offering direct access to clarify coverage-related questions.
The NCUA's proactive stance extends beyond deposit protection. They caution individuals about COVID-19-related scams, particularly those involving cyber threats. Their guidance advises vigilance against malicious emails, fraudulent websites, and social media manipulations seeking sensitive information or illegitimate donations. They direct users to their Fraud Prevention Center for comprehensive information on identifying, reporting, and safeguarding against scams.
This comprehensive approach by the NCUA demonstrates a multifaceted effort to ensure the safety of credit union members' deposits and protect them from potential financial threats, both in traditional and digital realms.
