In these challenging days for the national economy, we can relieve you of one potential concern, and that is the safety of the Credit Union and the money in your accounts.
First, your accounts are backed by the National Credit Union Share Insurance Fund (NCUSIF), a fund maintained by the U.S. Treasury and administered by the National Credit Union Administration (NCUA). Federal insurance protects your money in share savings, share draft/checking, money market, share certificate, trust, and retirement accounts.
NCUA coverage is to credit unions as FDIC, or Federal Deposit Insurance Corporation, coverage is to banks. Both funds are backed by the full faith and credit of the U.S. government.
To learn more about NCUA coverage, please visit their website ncua.gov and click on "NCUA Share Insurance Tool Kit." You may also contact NCUA's Consumer Assistance Center at 800-755-1030 (press 1 for share insurance questions), Monday - Friday, 8 a.m. - 6 p.m. Eastern time. Experts are available to answer questions about NCUSIF coverage.
Second, the Credit Union operates with a safety net of capital that helps us weather temporary setbacks, and, we maintain an "allowance for loan losses." This additional cushion anticipates losses when some members fail to repay loans.
Third, the Credit Union is examined regularly by the NCUA to make sure we are engaging in safe and sound operations, and we are required to submit quarterly financial performance reports to them. To view financial performance reports for Spectrum's parent organization, Chevron Federal Credit Union, please click here. You will need to enter our charter number 24326.
We can assure you that your money is safe!