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Your Money Is Safe!

You should feel comfortable asking a lot of questions – about the safety of your money, about the insurance coverage for your accounts, and about the management of the financial institution with whom you are entrusting your assets.

Federal insurance covers credit unions, too:

  • All credit unions are federally insured by a fund that, like the FDIC, is backed by the full faith and credit of the U.S. government.
  • As the FDIC does for banks, the National Credit Union Share Insurance Fund (NCUSIF) insures a person’s savings up to at least $250,000, with higher total coverage available if the member has a combination of individual, joint, trust, payable-on-death and other types of accounts. There is also separate insurance coverage of up to $250,000 for individual retirement accounts. Click here to visit the NCUA’s Web site.

  • Credit unions such as Premier are healthy with strong balance sheets:

  • Credit unions are well capitalized. Their overall capital-to-asset ratio stands at a very solid 11.1% (compared to 10% for banks). In dollars, that’s a capital cushion of $90 billion.
  • Credit union mortgage delinquencies at the end of the first quarter 2011 stood at only 0.7%. First mortgage charge-offs were a miniscule 0.06%.
  • More broadly, while credit union loan delinquencies have edged up, they are at a very low 1.0%.

  • Credit unions are a safe harbor for consumer savings:

  • Savings at credit unions have grown nearly 7% so far this year. In today’s economy, consumers are increasing their savings in response to concerns about their economic future.
  • More people looking for a stable financial institution with good rates are turning to credit unions.
  • Consumers saved $10.9 billion last year by using credit unions rather than banks. The savings come in the form of lower fees, higher savings rates and lower loan rates. That works out to about $126 per credit union member or $239 per household.


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