(ARA) – More than 90 million Americans belong to credit unions, but many aren’t aware of the deposit insurance that protects their money. A new law makes permanent deposit insurance coverage up to $250,000 per qualifying credit union account.
To spread the word about this new insurance coverage limit, the “Keep your money NCUA-safe” campaign, led by the National Credit Union Administration, is educating consumers about the safety of their money in credit unions. The campaign includes TV public service announcements and mallscapes (information billboards in malls) featuring personal finance expert Suze Orman. In addition, there will be radio PSAs and an easy to use online e-calculator that consumers can check to make certain their funds are fully insured.
“In a time when personal finance issues are weighing heavily on so many people — and in a flight to safety millions of individuals have moved their funds from stocks to savings accounts — we’re excited to team with someone as well known and trusted as Suze Orman to spread the word about the safety of credit union accounts,” says NCUA Chairman Debbie Matz. “We want consumers to know that not even a penny of insured savings has ever been lost in a federally insured credit union account. This campaign will give consumers the tools to make sure their accounts are properly set up so that they can have the peace of mind they deserve.”
All federal credit unions and the majority of state-chartered credit unions nationwide are insured through the National Credit Union Share Insurance Fund (NCUSIF), which is administered by NCUA. However, there are some that are not. That’s why it’s important for consumers to look for the blue NCUA seal. Federally insured credit unions are backed by the full faith and credit of the United States government.
In order to check the security of their own funds, credit union account holders just need to visit www.NCUA.gov and check the online E-Calculator. The E-Calculator is a secure, user-friendly application that allows consumers to compute their coverage based on the new law. Credit union account holders simply enter the name of their insured credit union, account balance ownership type and type of account, and the E-Calculator will tell them instantly how much of that money is insured.
With more than 7,500 federally insured credit unions across the United States, credit unions continue to rise in popularity among Americans. Annual polls show that credit unions lead the financial community year after year in providing top quality personal service to millions of Americans. Because a credit union is a cooperative, it is able to fairly price its products and services and competitively price the rates on savings accounts and loans, helping members achieve financial stability.
To learn more about protecting your money in credit unions and view the PSAs featuring Suze Orman, visit www.ncua.gov.
