Whenever you put money into your Credit Union savings account, you are purchasing a share in the ownership.
Each member’s savings, in total, is insured up to $250,000 by the National Credit Union Administration. Here are some important facts to remember about your share insurance:
- Not one penny of insured savings has ever been lost by a member of a federally insured credit union;
- Insured credit unions are required to deposit and maintain one percent of their insured shares and deposits in the fund. The insurance fund is currently at the strongest and best reserved level in its history.
- As a member of an insured credit union, you do not pay directly for your share insurance program. Your Credit Union pays an insurance assessment into the fund, based on the total amount of insured shares and deposits in the credit union.