Tldr; Credit Unions have your back.
You’ve likely heard the scoop on Silicon Valley Bank’s recent shutdown. (If you haven’t, here’s the skinny on the happenings.) This collapse (while only the second-biggest bank failure since 2008) raises some (valid!) concerns among investors, businesses, and individual savers just like you. So, let’s talk about how credit unions are insured to have your back.
Tell me everything.
Most deposit accounts at credit unions are insured by the National Credit Union Administration (NCUA). The NCUA is a government agency that protects credit union members’ share accounts in case their credit union fails (think much like in the case of SVB).
This sounds familiar…
It likely does! Like the Federal Deposit Insurance Corp. protects bank customers’ deposits, the NCUA’s Share Insurance Fund protects credit union member deposits up to $250,000.
So what does that mean for us now?
Two things are certain: Altana’s 73-year tenure has seen times of economic uncertainties and national/natural disasters. And we’ve weathered each storm with dependable service and insurance.
Backed by the full faith and credit of the United States, the Share Insurance Fund ensures the accounts of millions of account holders in all federal credit unions and the vast majority of state-chartered credit unions.
If you’re looking for more resources, the NCUA has everything you need here. And if you need help, everyone you need is here for you.
(P.S. – If you’re more of a Social Media person, D.M. us on Facebook or Instagram, and we’ll set you up with someone perfect for you and your goals.)