Have You Heard the Great News?

All credit union deposit accounts are now federally insured up to at least $250,000 by the NCUA—backed by the full faith and credit of the U.S. government.

Here are some important facts about credit union deposit insurance:

• Not one penny of insured savings has ever been lost by a member of a federally insured credit union. (Note: While Tech CU is not federally chartered, we are federally insured.)
  
• No taxpayer money to-date has been used to “bail-out” a credit union. Credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF) which is managed by the National Credit Union Administration, an agency of the federal government. This means the NCUSIF is backed by the full faith and credit of the US Government.
  
• Unlike the FDIC, the NCUSIF is the only deposit insurance fund that operates on a pay-as-you-go system, which prevents the accumulation of annual losses. This means that the NCUSIF has never had to use taxpayers' money.
  
• Banks, in comparison, are federally insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is not operated on a pay-as-you-go system and  has had to be bailed out by using billions of dollars of taxpayers' money.

Depending on how you structure the ownership on your deposit accounts, you can increase the total amount that can be insured. To calculate how much you can insure, go to:  http://webapps.ncua.gov/ins/.

Tech CU—Safe. Sound. Secure