Rest assured that there is no safer place for your money than a federally insured credit union. Since 1968, Alltru Credit Union (formerly Alltru Federal Credit Union) has been a safe and sound financial institution helping members achieve their financial dreams.
Your savings are federally insured to $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. In addition, your IRA funds are separately insured to $250,000 by the NCUA. The NCUA administers the National Credit Unions Share Insurance Fund (NCUSIF), which is similar to the banks’ FDIC.
It’s worth repeating: your money is safe
at Alltru Credit Union.
Here’s why.
Your deposits are insured up to $250,000. Our credit union is federally insured up to $250,000 by the National Credit Union Share Insurance Fund and backed by the full faith and credit of the U.S. Government through the NCUA (National Credit Union Administration), just as the FDIC does for bank deposits. No credit union member has ever lost a dime of federally insured funds.
Share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), $250,000 as of October 3, 2008.
- Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
- 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 example, if you have a regular share account and an Individual Retirement Account (IRA) at the same credit union, the regular share account is insured up to $250,000 and the IRA is separately insured up to $250,000. However, if you have a regular share account, a share certificate, and a share draft account, all in your own name, you will not have additional coverage. Those accounts will be added together and insured up to $250,000 as your individual account. Additionally, shares denominated in foreign currencies are insured as outlined in NCUA Rules and Regulations.
Coverdell Education Savings Accounts, formerly education IRAs, are insured as irrevocable trust accounts and will be added to a member’s other irrevocable trust accounts and insured up to the SMSIA Roth IRAs will be added together with traditional IRAs and insured up to $250,000.
You may have heard about sub-prime lending or other tactics used by other lenders that have led to trouble for the financial industry. Know that credit unions like Alltru have steered clear of these practices, and focused on lending responsibly – so we’ll be here when you need us most.