Your Funds Are Safe at MemberSource Credit Union
Your deposits at MemberSource are insured by the National Credit Union Administration (NCUA).This is a federal agency that insures savings in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government. This share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC).
Deposit accounts are insured up to $250,000 per qualifying account with separate coverage of up to $250,000 for retirement accounts. As an added measure of security, our members’ funds are also covered by Excess Share Insurance (ESI) which provides up to $250,000 of additional protection on member deposit accounts. That means deposits at MemberSource are insured up to $500,000.
Not one penny of insured savings has ever been lost by a member of a federally insured credit union. If any credit union were ever to fail, the NCUSIF will make any necessary payouts to members – usually within 3 days from the time the credit union ceases operation.
If you would like to learn more about insured deposits, go to mycreditunion.gov and click on Keep Your Money Safe Link. You may also request a copy of Your Insured Funds provided by NCUA or the credit union.
