When uncertainty arises, it’s natural to worry about the security of your money. Some people may consider the drastic step of withdrawing their funds from banks and credit unions, with the belief that their money is safer stashed away at home. But you may want to think twice before emptying your accounts.
Your money is protected.
It’s important to know that your money is protected at a federally insured financial institution, such as Hawaii State FCU. Our deposits are insured by our federal regulator, the National Credit Union Administration (NCUA).
The NCUA is an independent federal government agency that charters and regulates federal credit unions. All deposits at federally insured credit unions are protected by the National Credit Union Share Insurance Fund (NCUSIF), with deposits insured up to $250,000 per account owner. The NCUSIF is a federal insurance fund backed by the full faith and credit of the United States. Since its inception by Congress in 1970, credit union members have never lost a penny of insured savings at a federally insured credit union.
We take pride in our financial stability.
Hawaii State FCU itself is financially strong, and operates on a conservative business model. That has allowed us to reach $2.4 billion in assets and fulfill the financial needs of our 130,000 members.
So before you consider stuffing your savings under your mattress, rest easy knowing that your money remains secure in a federally insured credit union like Hawaii State FCU.
The NCUA provides tools for members who want to learn more about share insurance and the NCUSIF:
- Want to know what amount of your funds are federally insured? Try the NCUA’s Share Insurance Estimator.
- Hearing a lot of terms you’re not familiar with? This handy Glossary may help.
- Interested in learning more about share insurance? Check out this list of Frequently Asked Questions.
