Yes, Everwise Credit Union is federally insured. Your deposits at Everwise Credit Union are protected by the full faith and credit of the U.S. government, ensuring the safety and security of your savings.
Understanding Federal Deposit Insurance for Credit Unions
While banks are typically insured by the Federal Deposit Insurance Corporation (FDIC), credit unions operate under a similar but separate system. Deposits at federally insured credit unions, including Everwise Credit Union, are protected by the National Credit Union Administration (NCUA). The NCUA is an independent federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions.
This means that even though a credit union operates differently from a traditional bank, the funds you deposit at Everwise Credit Union are still secure and federally insured.
How NCUA Insurance Protects Your Deposits
The NCUA provides deposit insurance coverage up to at least $250,000 per member, per account ownership type, per insured credit union. This coverage limit applies to a wide range of accounts, including:
- Checking Accounts
- Savings Accounts
- Money Market Accounts
- Share Certificates (CDs)
- Individual Retirement Accounts (IRAs)
In the unlikely event that a federally insured credit union fails, the NCUA's National Credit Union Share Insurance Fund (NCUSIF) ensures that members receive their insured deposits back. This provides essential peace of mind, knowing your hard-earned money is protected.
Benefits of NCUA Coverage
The federal insurance provided by the NCUA offers several key benefits to members of Everwise Credit Union:
- Security: Your deposits are backed by the U.S. government, offering a high level of security.
- Peace of Mind: You can save and conduct financial transactions with confidence, knowing your funds are protected.
- Trust: It reinforces the stability and reliability of the credit union system as a whole.
For more detailed information on deposit insurance and how it protects your funds, you can visit the official NCUA website.
