Does UCU have any investments or exposure to failed banks?
Credit unions are among the most well-capitalized financial institutions that ensure their equity reserves and liquid investments prioritize the safety and soundness that you expect. University Credit Union does not have any involvement or exposure to investments made, or at the failed banks.
Does UCU have the same risks as failed banks?
Silicon Valley Bank was a niche bank serving a particular set of customers within the technology industry, including innovative tech start-ups, entrepreneurs, and venture capital firms. The bank was focused on a limited sector, which significantly increased its risk profile.
Being founded over 70 years ago, University Credit Union has built a strong foundation and exclusively serves members of the university community, a lower risk audience than the customers of Silicon Valley Bank. University Credit Union only works with our member-owners best interest in mind, in turn being a trusted credit union that is safe and sound.
Is my money safe?
Yes, University Credit Union is a state-chartered credit union, which means the deposits at UCU are covered by the National Credit Union Share Insurance Fund (NCUSIF) protection. Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
How do credit unions and banks differ?
Credit unions are not-for-profit and owned by their member-owners, serving their best interests. Credit unions are among the most well-capitalized financial institutions that ensure their equity reserves and liquid investments prioritize the safety and soundness their member-owners expect. Credit unions are not subject to pressure from investors and stockholders and only answer to their member-owners, unlike most banks.
Are my deposits insured?
University Credit Union share accounts are insured to at least $250,000 through the National Credit Union Administration (NCUA) in the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF is backed with the full faith and credit of the United States Government.
What types of accounts does the NCUA insure?
The NCUA insures all deposit accounts offered by UCU including, savings accounts, checking accounts, certificates, money market accounts, retirement accounts (IRAs), and trust accounts. Share accounts are insured to at least $250,000 and IRA accounts are insured separately to at least $250,000.
The NCUA does not insure losses on mutual funds, stocks, bonds, life insurance policies, annuities, and non-deposit investments.
How can I maximize my NCUA insurance coverage?
If you have more than $250,000 with UCU, there are options available to ensure these funds are covered with additional share coverage. The following accounts each offer an additional $250,000 coverage: retirement accounts (IRAs), joint accounts, trust accounts, revocable trusts, and irrevocable trusts.
You can determine your coverage by using the NCUA’s insurance estimator tool: https://mycreditunion.gov/insurance-estimator