Breathe Easy—Mountain America Members' Funds are Safe

Long gone are the days of stashing money away in your mattress to keep it safe. Today the safest way to store your money is digitally—even in times of uncertainty. Economic events like the great depression or a recession can make keeping your money at a bank feel scary, but here’s why a credit union is still the best way to keep your funds safe.

Your money is safe

At this time, you may be concerned if Mountain America Credit Union is FDIC insured, which protects deposits up to $250,000. Similar to FDIC coverage—which is for banks—members of credit unions are insured under the National Credit Union Administration (NCUA) and can feel secure that their deposits are protected up to $250,000.

What is the NCUA?

The NCUA is an independent federal agency that provides insurance to depositors. It was created by the United States Congress in 1970 to manage and regulate federal credit unions. It operates the National Credit Union Share Insurance Fund (NCUSIF), a federal insurance fund sponsored by the United States government. Like the Federal Deposit Insurance Corporation (FDIC) is to a bank, the NCUA keeps your credit union deposits secure.

How does the NCUA work?

The NCUA insures up to $250,000 per depositor, financial institution and ownership category. The term “ownership category” refers to the account type—if you have both a personal and joint account, both will be insured up to $250,000. Additionally, if you have accounts at multiple NCUA-insured credit unions, they’ll each be insured up to $250,000.

Products that are insured by the NCUA include:

• Checking accounts
• Savings accounts
• Money market accounts
• Certificates
• Cashier’s check and money orders

   

Products that aren’t insured by the NCUA include:

• Stocks
• Bonds
• Life insurance products
• Annuities
• Mutual funds
• Money market funds
• Treasury bills

Your financial safety matters to us. To learn more about how Mountain America keeps your money secure, visit us at macu.com or contact your local branch.