NCUA Insurance Coverage Is Now Permanent
Your funds on deposit at ETFCU are federally insured by the National Credit Union Administration Share Insurance Fund up to $250,000. IRA funds continue to be separately insured up to $250,000.
Contact the Investments Department for more information.
In addition, the NCUA now offers a share insurance call center to help members better understand the insurance protection NCUA provides for member accounts.
You can reach the toll-free call center at 1-800-755-1030, Extension 1, from 7 a.m. to 5:30 p.m. CST Monday through Friday. We recommend you also take advantage of these resources regarding your coverage:
- Consult an ETFCU representative for more information.
- Use the NCUA’s online estimator to calculate your account coverage.
- Pick up a copy of the NCUA Your Insured Funds booklet available in all ETFCU offices.
Are your funds insured? Click here to calculate your coverage and learn more about insurance protection.
For more information about the NCUA in English or Spanish, click here.
Your Funds at ETFCU Are Safe
Your credit union funds are insured by the U.S. government. Generally, your shares—including savings, checking, and certificate balances—from your ETFCU accounts are combined and insured up to $250,000, and IRAs are separately insured up to $250,000. You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts. Investments you may have through MEMBERS Financial Services are not federally insured.
The following points further illustrate the stability of credit unions:
- Credit unions have been around since the early 1900s through economic ups and downs, and as member-owned, not-for-profit, financial cooperatives, by their nature take a more conservative approach to their business than other types of financial services industry organizations. Credit unions take in deposits and make loans to people and business owners within their fields of membership. Because they are owned by their members instead of worrying about generating profits for a separate group of stockholders, there is not an incentive to take on risks like subprime mortgage lending that have resulted in problems for other types of financial institutions that were chasing profits. Leaders in Congress have pointed to credit unions as an example of the right way to approach providing financial services compared to other types of service providers that have gotten into trouble.
- Credit unions have access to federal deposit insurance through the National Credit Union Administration that is backed by the full faith and credit of the United States government. Not one penny of insured savings has ever been lost by a member of a federally insured credit union. This deposit insurance that is backed by the U.S. government is for up to $250,000 on deposits by a member, with $250,000 in coverage for certain retirement accounts. There are 87 million federally insured savings accounts at credit unions across the country.
- Credit unions are very well-capitalized with the highest capital ratio of all depository institutions.
- Not only are credit unions a place consumers can trust to be safe and sound, we are also a place they can trust to receive a good deal. Indiana’s 2.2 million credit union members benefit by close to $150 million annually through better rates and lower fees compared to if the only choice available to consumers was using for-profit financial institutions. This is because credit unions are member-owned, not-for-profit, cooperatives, with earnings not needed for reserves and operations being returned to members through better rates and lower fees.