How Safe Is Your Money?
With all the news about failed banks, many people are asking…. "How
safe is my money? Members of LA Financial Federal Credit Union need not
worry.
· LA Financial’s mortgage portfolio is only a small portion
of total assets.
· LA Financial practices very conservative mortgage underwriting
standards.
· Best of all, deposits at LA Financial are insured by the National
Credit Union Share Insurance Fund (NCUSIF), an arm of National Credit Union
Administration (NCUA).
· Not one penny of insured savings has ever been lost by a member
of a federally insured credit union.
Your share insurance is similar to the deposit insurance protection offered
by the Federal Deposit Insurance Corporation (FDIC). The NCUSIF is backed
by the full faith and credit of the United States government. Most properly
established savings accounts in federally insured credit unions are insured
up to the Standard Maximum Share Insurance Amount (SMSIA), which is $100,000.
The insurance coverage on certain retirement accounts, such as IRAs and
Keoghs is up to $250,000. Generally, if a credit union member has more
than one account in the same credit union, those accounts are added together
and insured in the aggregate. There are exceptions, though. You may obtain
additional separate coverage on multiple accounts, but only if you have
different ownership interests or rights in different types of accounts
and you properly complete account forms and applications.
For more information, view the NCUA
Share Insurance Estimator (an educational
resource about share insurance) for a detailed explanation of insurance
coverage.
