IS MY MONEY SAFE IN THE CREDIT UNION?
At United Local we work every day to ensure your funds are safe and sound. Unlike Banks, credit unions do not invest in the stock market or in any mortgage backed securities and we have no shareholder to make money for.
We invest in the same products that we offer you! Certificate of Deposits are the preferred investment for most community credit unions, including United Local. We open certificates with various institutions for guaranteed dividend returns with ZERO RISK. All our certificates are insured, just like yours are with us!
We are a nonprofit owned by you, our members! We retain reserves that exceed federal requirements and are routinely audited by federal and state examiners to assure financial soundness. Our Statement of Financial Condition is available to any credit union member upon request.
IS MY ACCOUNT INSURED?
As a federally insured credit union we offer a safe place for you to save your money, with deposits insured up to at least $250,000 per individual depositor. The National Credit Union Administration (NCUA) is the independent agency that administers the National Credit Union Share Insurance Fund (NCUSIF). 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.
The NCUSIF insures member savings in federally insured credit unions, which account for about 98 percent of all credit unions in the United States, including United Local. Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
You can get additional information on the NCU Insurance Program using the brochures and links below.
For additional information and resources regarding share insurance and coverage, please visit: