Your credit union provides several types of insurance to benefit members and some are provided at no extra cost.
NCUA Insurance
Each member's savings is federally insured up to $250,000 and IRA's are insured up to $250,000 by the National Credit Union Administration, an agency of the U.S. Government. Rest assured...your savings are safe at Family Savings Federal Credit Union.
Credit Life Insurance
Consumer experts say credit union credit life insurance is a strong value. Borrowers may opt to protect loved ones from paying credit union debts if the borrower dies. Low-cost premiums are added to the insured loan balance. Ask a loan officer for a quote for purchasing this insurance.
Credit Disability Insurance
Borrowers may choose to purchase optional credit disability insurance when obtaining a Family Savings loan. In cases of long-term disability, the borrower is reimbursed for his or her insured loan payments at Family Savings Federal Credit Union after the first 14 days of disability.
Gap Insurance
Fill in the gap on your next vehicle loan. There could be a big difference between what your insurance will pay and what you owe on your loan if your car was stolen or damaged beyond repair. FSFCU offers Guaranteed Asset Protection (GAP) Insurance to cover the difference-it could save you thousands of dollars. GAP is low-cost coverage that pays the potentially high-cost difference between your insurance settlement and your loan balance.
YES, Your Money IS Safe at a Credit Union
Family Savings Federal Credit Union remains a safe harbor for your savings and other accounts, despite economic woes, including recent bank failures. Thanks to federal insurance, members’ shares are backed by the full faith and credit of the U.S. Treasury. There’s no better time to be a member of Family Savings. Virtually all credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF), which insures savings up to $250,000 per account. Certain retirement accounts such as IRAs and Keoghs benefit from additional coverage of up to $250,000. This insurance is for credit unions only and is independent from FDIC that insures banks. NCUSIF’s equity-to-insured deposits are estimated at a strong 1.24% as of June 30, 2008, and projected to increase to 1.28% by year-end, according to the National Credit Union Administration (NCUA).
Credit unions are nationally recognized for having steered clear of the subprime mortgage mess by lending responsibly and holding more of their mortgage loans--roughly 70%--in their portfolios instead of selling them on the secondary market to beleaguered Fannie Mae and Freddie Mac. Also, credit unions have a better capital-to-asset ratio--11.1% compared with 10% for banks. Family Savings is strong because you, our member-owners, are in control. You demand favorable rates, lower fees and higher returns on investments. For all of the reasons mentioned above, credit unions remain the low-cost, high-return providers of products and services. It’s member leadership that makes our credit union and other credit unions so successful.
Copyright 2008 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.
