Many financial institutions began to struggle in 2008 — notably those who were heavily involved in the subprime mortgage market — and you may be wondering if your money is safe at Community Credit Union.
Community Credit Union is pleased to say: Absolutely!
Credit unions are a place where consumers can feel confident knowing that their money will be there when they need it. The National Credit Union Administration (commonly referred to as NCUA), is the federal government agency that charters and supervises credit unions.
NCUA also operates and manages the National Credit Union Share Insurance Fund. Your shares in Community Credit Union 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 a federally insured credit union, including Community Credit Union, with coverage for their share accounts. Individual share accounts including regular shares, money market accounts and share certificates are insured to at least $250,000. Joint share accounts are insured separately to an additional $250,000 per person. Furthermore, individual tetirement accounts are also insured to at least $250,000.
Not one cent of insured savings has ever been lost by a member of a federally insured credit union. This is truly an example of how credit unions can exist to benefit their members, an advantage no other institution can offer. The confidence in this security is reflected in each credit union member.
According to consumers, the local, community and member focused philosophy of credit unions make them among the most trusted organizations throughout the U.S. In a survey conducted by the National Cooperative Business Association, consumers responded that they believe co-ops (credit unions and other cooperatives) are far more pro-consumer than for-profit organizations.
Two-thirds of those questioned in the survey believe credit unions are also more trustworthy than for-profit organizations because they are owned and governed by the people that utilize their products and services, have members on their board of directors and are locally owned and controlled.
So, if you are wondering whether your money is safe at Community Credit Union, we are proud to say YES!
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