Federal Insurance: Your Funds Are Protected
| If recent economic news has you concerned about the safety of your funds, rest assured that Redwood Credit Union is safe and sound, and your RCU funds are protected. |  |
| The safety of our Members’ accounts and the financial strength of your credit union are a top priority for RCU. |
All RCU Members’ deposits are federally insured by the National Credit Union Share Insurance Fund (NCUSIF), a division of the National Credit Union Administration (NCUA), which is the federal regulator for credit unions.
Established by Congress in 1970 to insure Member share accounts at federally insured credit unions, the NCUSIF is managed by the NCUA and is similar to the deposit insurance protection offered for federally insured banks by the Federal Deposit Insurance Corporation (FDIC).
The NCUSIF is the strongest deposit insurance available, backed by the full faith and credit of the United States Government. Not a single penny of insured savings has ever been lost by a Member of a federally insured credit union.
Properly established share accounts in federally insured credit unions are insured up to at least $250,000. Recent legislation has increased the insurance coverage on certain retirement accounts, such as IRAs and Keoghs, up to $250,000. Generally, if a credit union Member has more than one account in the same credit union, those accounts are added together and insured in the aggregate. You can maximize your federal insurance coverage based on the structuring of your accounts -- please call our Member Service Center or visit your local branch to learn more.
You can learn more about NCUA/NCUSIF insurance, including a useful Share Insurance Estimator, by visiting www.ncua.gov, or call our Member Service Center at
1 (800) 479-7928 for additional information.
Great news! Funds in your non dividend bearing checking accounts with RCU have unlimited federal deposit insurance through December 31, 2012!
NOTICE OF CHANGES IN TEMPORARY NCUA INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a “noninterest-bearing transaction account” are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules.
The term “noninterest-bearing transaction account” includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal (“NOW”) account, money market deposit account, and Interest on Lawyers Trust Account (“IOLTA”), even if share drafts may be drawn on the account. For more information about temporary NCUA insurance coverage of transaction accounts, visit www.ncua.gov.
