April 13, 2020
With so much uncertainty in the world today, it’s natural to have worries about your finances. During challenging economic times, some people might consider the drastic step of taking their funds out of financial institutions, with the belief that their money is safer with them at home. But many experts advise you not to panic, and to think twice before emptying your accounts. Why?
It’s important to know that your money is protected when you have them in accounts at a federally insured financial institution, such as Hawaii State FCU. Deposits at the credit union are guaranteed by the National Credit Union Administration (NCUA), making it a safe place to keep your money.
The NCUA is an independent federal government agency that charters and regulates federal credit unions. All deposits at federally insured credit unions are protected by the National Credit Union Share Insurance Fund (NCUSIF), with deposits insured up to at least $250,000 per individual depositor. The NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government. Since its inception by Congress in 1970, credit union members have never lost a penny of insured savings at a federally insured credit union.
So before you consider stuffing your savings under your mattress, rest easy knowing that your money is safe in a federally insured credit union like Hawaii State FCU.
The NCUA provides tools for members who want to learn more about share insurance and the NCUSIF:
• Want to know what amount of your funds are federally insured? Try the NCUA’s Share Insurance Estimator.
• Hearing a lot of terms you’re not familiar with? This handy Glossary may help.
• Interested in learning more about share insurance? Check out this list of Frequently Asked Questions.