April 20, 2020 | Our Members. Share this article:
Your Money is Safe and Insured
Safeguarding your hard-earned money is vitally important. That’s why COPFCU accounts are federally insured up to $250,000 by the National Credit Union Administration (NCUA). The National Credit Union Share Insurance Fund (NCUSIF) protects aggregate savings up to at least $250,000 in your checking accounts, regular share savings accounts, and certificates.
The coverage for individual retirement accounts (IRAs) is also $250,000. Funds in traditional IRAs and Roth IRAs are added together and insured in the aggregate to $250,000. It’s important to note that share insurance doesn’t cover investment products such as mutual funds and annuities.
Something else about share insurance: It separately insures individual and joint accounts. For example, say you have an individual account containing $250,000, and a joint account with your spouse containing $250,000. Each account is insured separately for a total coverage of $500,000.
So how do you know we’re federally insured? All federally insured credit unions–like yours–must post the official NCUA insurance sign in their offices. As do other NCUSIF-insured credit unions, we abide by high standards of safety and soundness. Because of that, NCUSIF is a strong, well-capitalized fund.
So, rest assured, your money is safe. You can count on COPFCU to take good care of it.
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