Your Savings are Insured
About the National Credit Union Share Insurance Fund (NCUSIF)
As a not-for-profit financial instititution, First Entertainment is required to provide deposit account insurance. Member savings accounts including First500 Savings, Money Market and Certificate accounts are insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA). The NCUA is an independent agency of the United States Government.
Following are answers to some of the most commonly ask questions regarding the credit union's federal deposit insurance.
Is an IRA with First Entertainment covered by the credit union's deposit insurance?
Yes. An Individual Retirement Account (IRA) is insured separately up to $250,000 from other accounts that a member may have at the credit union.
Is the NCUSIF the same as a bank's FDIC coverage?
The Federal Deposit Insurance Corporation (FDIC) is responsible for providing insurance coverage for bank deposits. The NCUSIF is similar to FDIC insurance in most important respects, including its backing by the full faith and credit of the U.S. Government. As a matter of fact, not one penny of insured savings has ever been lost by a member of a federally insured credit union.
How much coverage does each credit union member have?
Individual accounts are insured up to $250,000 in the aggregate - the same as with FDIC coverage. For example, if a member has a First500 Savings, Checking and Certificate account in one name alone, the funds in the accounts would be added together and insured for a total of up to $250,000. Deposits maintained in different legal ownership categories may each be separately insured. Individual, joint ownership and testamentary accounts are the three most common types.
Are deposits in different credit unions insured separately?
Yes. If a member has accounts in several different insured credit unions, the maximum of $250,000 is applicable to deposit accounts in each insured credit union. When a credit union has multiple branches (as does First Entertainment), the main office and all branch offices are considered as one credit union.