FSU Credit Union is Federally Insured
Passage of the Emergency Economic Stabilization Act of 2008 increases National Credit Union Administration (NCUA) coverage from $100,000 to $250,000. The increase is temporary, taking effect from Oct. 3, 2008, until Dec. 31, 2013. Funds may be insured for even more than $250,000, depending on how you establish your accounts. Your accounts in a federally insured credit union are backed by the National Credit Union Share Insurance Fund (NCUSIF), a fund maintained by the U.S. Treasury and administered by the NCUA. Federal insurance protects your money in share savings, share draft/checking, money market, share certificate, trust, and retirement accounts. NCUA coverage is to credit unions as FDIC, or Federal Deposit Insurance Corporation, coverage is to banks. Both funds are backed by the full faith and credit of the U. S. government. Click here to learn more.FSU Credit Union is Strong and Secure
President Bush addressed the Nation on September 24, 2008 and stated that deposits made into banks are federally insured. We feel that it is important, as a credit union member, that you know that the money of virtually all credit union members is protected by federal insurance -– insurance coverage that is similar to that provided to banks by the Federal Deposit Insurance Corp. (FDIC). “Regrettably, President Bush did not mention this important aspect of the federal safety net in his comments last night to the nation,” said CUNA President and CEO Dan Mica. “But, it’s important for the millions of credit union members across the nation – with billions of dollars saved in their credit unions – to know their money is as safe and sound as any deposits in federally insured banks.” Virtually every credit union across the nation has federal deposit insurance. Just like FDIC insurance at banks, savings are insured to at least $250,000. The federal insurance safety net at credit unions is provided by the National Credit Union Administration (NCUA), a U.S. Government Agency. Additionally, the credit union insurance (just like the FDIC) is backed by the full faith and credit of the United States. ‘In fact, no one with their savings at a federally insured credit union has ever lost a dime of their savings,” Mica added. With the uncertainty in the current economic cycle, you can rest assured that your credit union remains a safe, sound financial institution. There are many reports in the news recently about the fallout from sub prime mortgage loans, the credit crunch and the resulting impact on individuals, financial institutions and our economy. Some members have asked how these challenges affect FSU Credit Union. We would like to reassure our members that we remain financially solid.FACTS
- FSUCU continues to offer a good rate of return for our members.
- FSUCU's Capital Ratio exceeds NCUA minimums standard for soundness.
- The same leaders, both Management and Board of Directors, have been managing FSUCU for the last 10+ years. They are market savvy and administrate the credit union operations in a safe, conservative fashion. They have been and will remain, good stewards of your money.
- FSUCU continues to grow, adding to our financial stability. Members continue to rely on us more than ever for a safe place to invest their money. And you can feel secure that your deposits are safe because they are insured by the National Credit Union Share Insurance Fund (NCUSIF) through the National Credit Union Administration (NCUA).
- FSUCU's strong liquidity position, conservative underwriting guidelines and ample capital reserves position us well to weather the current economic storm.
America's Credit Unions: Consumer News
"For Better Banking, Check Out a Credit Union" - Wall Street Journal
FSU Credit Union is Safe and Secure
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