With financial institutions often in the news for their struggles in this difficult economy, many consumers are wondering, “Is my money safe?” If they are a Maine credit union member, the answer is a resounding “YES!”
Maine credit unions offer something that no other financial institution can – the opportunity to be an owner of your institution, and a board that includes unpaid volunteers who are democratically elected by the credit union’s members. These volunteers work with credit union management to conduct credit union operations in a safe and sound manner that is singularly focused on serving the members. “Maine credit unions are owned by their members. This means that each credit union is dedicated to serving the community and the people who live there,” explained John Murphy, President of the Maine Credit Union League.
The National Credit Union Administration, or NCUA, is the federal government agency that charters and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), similar to the FDIC which insures banks. The shares in Maine credit unions are insured by the NCUSIF, which is backed by the full faith and credit of the United States Government.
The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their individual accounts. These accounts include regular shares, share drafts (or checking accounts), money market accounts, and share certificates. Individuals with account balances totaling $250,000 or less at the same insured credit union have full NCUSIF coverage. Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
Send questions/comments to the editors.
