If you are thinking about joining a credit union, you should be aware of the National Credit Union Administration (NCUA). It administers the National Credit Union Share Insurance Fund (NCUSIF), which keeps your deposits safe just as the Federal Deposit Insurance Corp. (FDIC) does for regular banks. Honolulu-based Hawaiian Tel Federal Credit Union is committed to educating customers about the benefits of relying on their financial establishment for personal banking needs and shares what the NCUA will do for you.
Credit Union Experts Explain the NCUA’s Role
Insure Your Savings
The primary benefit of the NCUA is it insures up to $250,000 per individual depositor. This means if the financial institution goes out of business, you won’t lose your money. This is important because credit unions are not bound by the same rules as banks.
Insure a Variety of Account Types
Another advantage offered by the NCUA is it insures different accounts, including personal banking and checking accounts. The amount of insurance is based on the depositor, not the account type.
The NCUA also insures dividends — money you would earn based on the amount you deposited in your account. This protects not only your initial investment but interest or other money to which you’re entitled if the credit union goes out of business.
If you are considering a credit union for your personal banking needs, look for documents that state it’s a member of the NCUA to ensure your money is safe. Hawaiian Tel Federal Credit Union is federally insured through the organization, and their friendly staff is ready to answer all your questions. To learn more about their services and find your nearest location, visit hitelfcu.com or call them on Oahu at 832-8700 and toll-free at (800) 272-5255. Follow them on Twitter, Facebook, and Instagram.