Credit unions in California serve over nine million members and continue to demonstrate positive growth. While other financial institutions are experiencing financial difficulties, California credit unions are well capitalized and in a great position to continue serving consumers. Member’s accounts are insured by the National Credit Union Administration, (NCUA), an agency of the federal government. Accounts are insured up to $250,000.00 per account plus IRA and KEOGH accounts are insured separately up to $250,000.00. Specifically the shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUSIF) an arm of NCUA. Your share insurance is similar to the deposit insurance protection offered by the FDIC. The NCUA has created a share insurance estimator. The purpose of this estimator is to determine the insurance coverage on your credit union accounts.
The NCUA has also initiated The Share Insurance Call Center. This call center has been established to help credit union members better understand the insurance protection NCUA provides for member accounts. The Share Insurance Call Center operates from 8:00a.m.-6:30p.m. (EDT) Monday through Friday. Insurance experts are available to answer questions about coverage provided by the NCUA share insurance. The toll free insurance call center number is 1-800-755-1030. We encourage members to utilize the Call Center and the estimator to the fullest extent possible.
IBEW Members + Credit Union wants to reassure its members that we remain safe and sound as we continue to offer a wide variety of financial services through the current national economic downturn.