Are my funds at the Credit Union insured? 

Many people worry that their funds at a credit union are not insured as securely as a bank insured by the FDIC (Federal Deposit Insurance Corporation). However, did you know that no member has ever lost money from an NCUA (National Credit Union Administration) federally insured credit union? That is because FDIC coverage is the same as NCUA insurance coverage. The only difference is that FDIC handles federally insured banks, and the NCUA handles federally insured credit unions. NorthRidge Community Credit Union is insured by the NCUA, but what does that mean exactly? The simple answer is that up to $250,000 per share owner is federally insured. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 placed the $250,000 standard share insurance account in place permanently. Every member’s accounts and insurance values are unique to them in different ways. Here are the basic NCUA coverage limits:

• Single Ownership Accounts (owned by one person with no beneficiaries): $250,000 per member-owner.
• Joint Ownership Accounts (two or more persons with no beneficiaries): $250,000
• Traditional and Roth IRAs: $250,000 per member-owner. 

There are many factors that go into how accounts can be broken up to fully utilize the coverages of share insurance through the NCUA. This link can help you make sure you are as protected as you can be: https://www.mycreditunion.gov/insurance-estimator If you have more questions please reach out to your friends at NorthRidge. We are Credit Union Certified Financial Counselors and are always wanting to help you with your financial successes!