When the failure of Silicon Valley Bank and the problems it exposed at other banks dominated the news in March, many people began asking the same question: Is my money secure?

At Family Credit Union, we are proud to say that yes, yes it is.

We are among the 98% of credit unions that have accounts insured by the National Credit Union Share Insurance Fund.

And no one has ever lost a penny of an insured deposit in the credit union system.

What is the National Credit Union Share Insurance Fund?

The Federal Deposit Insurance Corporation, or FDIC, is well known for securing bank deposits. The NCUSIF is not as famous.

At their core, however, they are similar.

The National Credit Union Administration, an independent agency of the United States government runs the NCUSIF. It regulates, charters, and supervises federal credit unions.

The NCUSIF insures deposits at National Credit Union Administration member institutions the same way the FDIC does at banks.

How Much Does the NCUSIF Cover?

Much like the FDIC insures accounts up to $250,000, the NCUSIF insures $250,000 per share owner at each insured credit union for every account ownership category.

That means that every credit union member gets $250,000 for their single ownership accounts (checking, savings, money market, and share certificates).

While the NCUSIF limits the insurance to $250,000 for single ownership accounts at a single credit union, there are other types of insured accounts that can increase that amount.

For joint accounts, $250,000 is insured for each account holder. That means that for a two-person joint account with no beneficiaries, the total insured is $500,000.

NCUSIF also insures retirement accounts and trust accounts. For more information on the amount of insurance for these accounts, visit the NCUA guide on account insurance.

MyCreditUnion.gov also offers a share insurance estimator.

In the rare case that a credit union fails, the money is usually available within just a few days.

The Credit Union Difference

One big difference between credit unions and banks is that credit unions are not-for-profit institutions. They are often managed locally by people in the area in which they are based.

Instead, members see the benefit of any “profits” in the form of higher interest rates on accounts or share certificates or lower rates on loans. This both leads to better rates for you and less incentive to accumulate risk.

We also offer financial education services to our members, both young and old, through our partnerships with Zogo and Banzai.

At Family Credit Union we have been serving the communities in which we are located since we began in 1935 at the Quad-Cities Oscar Mayer plant. We are dedicated to looking out for our members’ money.

Click here to become a member of The Family Credit Union and experience the difference in banking through a local credit union.