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Your savings
federally insured to at least $250,000 and backed by the full faith
and credit of the United States Government.
The National Credit Union Administration (NCUA)
is the independent federal agency that charters and supervises
federal credit unions. NCUA, backed by the full faith and credit of
the U.S. Government, operates the National Credit Union Share
Insurance Fund (NCUSIF) insuring the savings of 80 million account
holders in all federal credit unions and many state-chartered credit
unions.
National Credit Union Share Insurance
Fund
The National Credit Union Share Insurance Fund
(NCUSIF) is the federal fund created by Congress in 1970 to insure
member's deposits in federally insured credit unions. The insurance
limit was temporarily increased from $100,000 to $250,000 per
individual depositor on October 3, 2008. Administered by the National
Credit Union Administration, the NCUSIF is backed by the "full faith
and credit" of the U.S. Government.
How the Fund is Financed
The NCUSIF maintains at or near 1.30 percent of
federally insured credit union deposits. By law, federally insured
credit unions maintain 1 percent of their deposits in the NCUSIF and
the NCUA Board can levy a premium if necessary. Credit unions
voluntarily capitalized the Fund in 1985 by depositing 1 percent of
their deposits into the Fund. Since then, the NCUA Board has charged
only one premium, when three large New England credit unions failed
in 1992 substantially increasing insurance losses. No federal tax
dollars have ever been placed in the credit union financial Fund, and
no member has ever lost money insured by the NCUSIF.
NCUA Brochure -
Your Insured Funds - PDF
Consumer Complaints:
The National Credit Union Administration (NCUA) is the regulator and
primary enforcement authority for federal credit unions. If you have
a complaint regarding the regulation of your federal credit union,
you may file a formal complaint by sending us a letter - no special
form is required - to the NCUA regional office for your state listed
below.
Before you contact the NCUA, please contact the credit union to attempt to
correct the problem. You can do this over the phone, in person or in
writing. If you believe the credit union's staff is unresponsive to
your inquiry or complaint, address your concerns in writing to the
president or chief executive officer of the credit union or the
credit unions supervisory committee.
NCUA Contact Information:
Email - Region5@ncua.gov
Phone - 602-302-6000
Fax - 602-302-6024
Mailing Address:
NCUA Region V -Tempe
1230 W. Washington Street, Suite 301
Tempe, AZ 85281 |
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