With all the conversations about potential changes in federal agencies, we at Advia Credit Union want to reassure you that your deposits are safe, secure, and fully insured under the National Credit Union Administration (NCUA).
Just like the NCUA protects credit unions, the Federal Deposit Insurance Corporation (FDIC) provides similar protections for banks, insuring deposits up to $250,000 per depositor, per bank. Both the NCUA and FDIC are backed by the U.S. government, ensuring your financial stability and protection.
Addressing Your Questions About NCUA Protections
We know that discussions about financial regulations can raise questions. That’s why we want you to feel confident and informed, especially when it comes to your money. Here are answers to some of the most common questions about deposit insurance and how it protects your funds:
Will my deposits still be insured if the NCUA is reorganized? Yes, your deposits will continue to be insured. The core mission of the NCUA and FDIC to protect your deposits will remain unchanged, regardless of any potential reorganization.
How much of my deposits are insured? The NCUA insures deposits up to $250,000 per member, per credit union. Similarly, the FDIC insures deposits up to $250,000 per depositor, per bank.
What should I do if I have more than $250,000 in deposits? If you have more than $250,000 in deposits, consider spreading your funds across multiple credit unions or banks to ensure all your deposits are fully insured.
Will there be any changes to how I access my funds? No, there will be no changes to how you access your funds. Your deposits will remain accessible as usual.
How can I stay updated on any changes? Advia will keep our members informed with any necessary updates through email, our website, and social media. You can also contact us directly with any questions or concerns.