NCUA Information
Your money is safe with California Credit Union
No doubt you’ve heard stories of troubled financial institutions in the media. We’d like to assure you that your money is safe and secure with California Credit Union. California Credit Union has been the trusted financial resource for the education community for 75 years.
Your deposits are federally insured by the NCUA to at least $250,000 and to at least $250,000 for IRA accounts, and are backed by the full faith and credit of the U.S. government. We do not participate in risky financial endeavors, such as predatory home loans, reverse mortgages, or loans to foreign governments. California Credit Union has been the trusted financial resource for 75 years. We hold 60% more capital than is required by state and federal regulators.
Through the National Credit Union Administration (NCUA), your checking, savings, and savings certificate accounts are federally insured to at least $250,000. Certain retirement accounts, such as IRAs and Keoghs, are insured up to $250,000. The National Credit Union Administration (NCUA) is the federal agency that charters and oversees credit unions. The NCUA also insures member accounts through the National Credit Union Share Insurance Fund (NCUSIF), established by Congress in 1970.
Insurance provided by the NCUSIF is similar to the insurance provided by banks through the Federal Deposit Insurance Corporation (FDIC). Your savings, checking, and savings certificate accounts are federally insured to at least $250,000 - just like FDIC coverage. And like FDIC coverage, NCUSIF insurance is backed by the full faith and credit of the United States government.
It has always been the practice of California Credit Union's Board of Directors and management team to maintain a conservative investment style and prudent decision-making. We do not participate in risky financial endeavors. Our net worth ratio (capital) is 11.44%. Federal and state regulators consider a net worth ratio of 7.00% to be a well-capitalized credit union. In spite of tough economic news, the financial well being of your credit union perseveres. We are committed to protecting the security of our members' assets and will continue making all business decisions with our members' financial safety and security foremost in mind.
Frequently Asked Questions About NCUSIF Insurance
What accounts are insured?
Your checking, savings, and savings certificate accounts are all insured up to $250,000 each. If you have more than one account, the balances are added together and insured up to $250,000. Certain retirement accounts, such as IRAs and Keogh plans, are insured up to $250,000 - that’s separate from the $250,000 coverage on your other California Credit Union accounts.
Are my investment accounts covered by NCUSIF insurance?
No. NCUSIF insurance does not apply to investments, such as stocks, bonds, mutual funds, annuities, and life insurance.
Can I can increase the insurance on my accounts?
You may have additional coverage on multiple accounts based on different account ownership. For example, if you have a Checking Account in your name and a joint Savings Account with your spouse, each account is insured up to $250,000 for a total of $500,000 in coverage.
If you have any questions, please call us at (800) 334-8788.
