You don't have to log in to online banking and manually download transactions – Direct Connect does this for you. Eastern, or send an email to This toolkit (opens new window) contains a variety of helpful resources for credit unions regarding the Share Insurance Fund.Seacoast offers multiple ways for you to connect your Seacoast Bank accounts with QuickBooks and Quicken.ĭirect Connect communicates directly with Seacoast on your behalf. Like the FDIC's Deposit Insurance Fund, the NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government.įor questions about the NCUA’s share insurance coverage, call 1.800.755.1030, option 1, Monday through Friday, 8 a.m. The National Credit Union Administration (NCUA) is the independent agency that administers the NCUSIF. Not one penny of insured savings has ever been lost by a member of a federally insured credit union.įederally insured credit unions offer a safe place for you to save your money, with deposits insured up to at least $250,000 per individual depositor. This toolkit contains a variety of helpful resources for credit unions about NCUA's Share Insurance Fund Program.Ĭredit unions encourage their members to save regularly to build economic security for themselves and their families.ĭeposits at all federal credit unions and the vast majority of state-chartered credit unions are covered by National Credit Union Share Insurance Fund (NCUSIF) protection. Share Insurance Toolkit for Credit Unions (opens new window) By law, federally insured credit unions maintain one percent of their deposits in the Share Insurance Fund, and the NCUA Board can levy a premium if necessary. The Share Insurance Fund maintains at or near 1.30 percent of federally insured credit union deposits. Credit union members have never lost a penny of insured savings at a federally insured credit union. The Share Insurance Fund (opens new window) is backed by the full faith and credit of the United States. State-Chartered Credit Union: State-chartered credit unions are regulated by the state supervisory authority where the credit union's main office is located and may or may not be insured by NCUA. A federal credit union can adopt a trade name for use in advertising but its official charter name, which must have the word "federal credit union" in it, must be used in all official or legal communications or documents. State-Chartered Credit Unionsįederal Credit Union: NCUA regulates and insures federal credit unions. ![]() All federal credit unions must be insured by NCUA, and no credit union may terminate its federal insurance without first notifying its members. ![]() In addition, credit unions must display in their offices the official NCUA insurance sign. You can tell if your credit union is federally insured by NCUA by searching for a credit union in Find a Credit Union (opens new window). These private insurers provide non-federal share insurance coverage of deposits that are not backed by the full faith and credit of the United States government. Some deposits at state-chartered credit unions are insured by private insurers. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, NCUSIF is similar to deposit insurance coverage provided by the Federal Deposit Insurance Corporation. Federally Versus Privately Insured Credit Unionsįederally chartered credit unions are regulated by the National Credit Union Administration and insured by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States government.
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