All SCCU Deposits are federally insured by
the National Credit Union Administration (NCUA) up to $100,000.
The National Credit Union Administration (NCUA)
is an independent agency of the U.S. Government. NCUA regulates,
charters and insures the nation’s federal credit unions.
In addition, NCUA insures state-chartered credit unions, like
Space Coast Credit Union, that desire and qualify for federal
insurance.
The National Credit Union Share Insurance Fund (NCUSIF),
an arm of the NCUA, insures your funds.
What is an NCUSIF-insured financial institution?
Congress established the NCUSIF in 1970 to insure member share
accounts at all federally chartered credit unions and most state
chartered credit unions. NCUSIF insurance is similar to the deposit
insurance protection offered by the Federal Deposit Insurance
Corporation (FDIC). The NCUSIF is managed by NCUA under the direction
of the three-person NCUA Board appointed by the President of the
United States.
How does NCUSIF share insurance protect credit union
members against loss?
Each credit union approved for NCUSIF share insurance must meet
high standards of safety and soundness in its operation. Adherence
to these standards is determined regularly through credit union
examinations by federal and state examiners. If an insured credit
union gets into financial difficulties and must be closed, the
NCUSIF acts immediately to protect each member’s share account.
Note: Not one penny of insured savings has ever
been lost by a member of a federally insured credit union.
If a federally insured credit union does fail, the
NCUSIF usually makes necessary payments within 2 days from the
time the credit union closes its doors.
