With the recent collapse of Silicon Valley Bank and the closure of Signature Bank, you may be wondering about the safety and security of your deposits at LCU. Rest assured, your money is safe and sound with us. Those banks were involved in tech-related industries and operated under a different business model than credit unions. If you want to read more about what went wrong at those banks, here are a couple of articles to choose from via USA Today and The New York Times.
All federal credit unions and the vast majority of state-chartered credit unions are regulated by the National Credit Union Administration (NCUA), the federal government agency that administers NCUSIF, a federal fund backed by the full faith and credit of the U.S. Government to insure deposits. LCU is a state-chartered credit union with account insurance via NCUSIF, meaning your deposits are insured up to $250,000.
Additional insurance is available on multiple accounts based on ownership category. For example, if you have an individual account containing $250,000, and a joint account with your spouse containing $250,000, each account is insured separately for a total coverage of $500,000.
Use the Share Insurance Estimator to determine how adding these ownership categories can increase your coverage.
At LCU, we take pride in our financial stability and our commitment to providing exceptional service to our members. We take the security of our members’ funds seriously and employ a variety of measures to ensure their safety. If you have any additional questions or concerns, please don’t hesitate to contact us.
Please visit the following NCUA links for additional information: