Federal Insurance: Your Funds Are Protected
If recent economic news has you concerned about the safety of your funds, rest assured that Redwood Credit Union is safe and sound, and your RCU funds are protected.
The safety of our Members’ accounts and the financial strength of your credit union are a top priority for RCU. All RCU Members’ deposits are federally insured by the National Credit Union Share Insurance Fund (NCUSIF), a division of the National Credit Union Administration (NCUA), which is the federal regulator for credit unions.
Established by Congress in 1970 to insure Member share accounts at federally insured credit unions, the NCUSIF is managed by the NCUA and is similar to the deposit insurance protection offered for federally insured banks by the Federal Deposit Insurance Corporation (FDIC).
The NCUSIF is the strongest deposit insurance available, backed by the full faith and credit of the United States Government. Not a single penny of insured savings has ever been lost by a Member of a federally insured credit union.
Properly established share accounts in federally insured credit unions are insured up to at least $250,000. Recent legislation has increased the insurance coverage on certain retirement accounts, such as IRAs and Keoghs, 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. You can maximize your federal insurance coverage based on the structuring of your accounts -- please call our Member Service Center or visit your local branch to learn more.
You can learn more about NCUA/NCUSIF insurance, including a useful Share Insurance Estimator, by visiting www.ncua.gov, or call our Member Service Center at
1 (800) 479-7928 for additional information.
