Your Money is Safe, Secure, Insured
Through the National Credit Union Administration (NCUA), your Checking, Savings, and Certificate accounts are insured to at least $250,000. In addition, certain retirement accounts, such as IRAs and Keoghs, are insured separately up to $250,000.
The NCUA is the National Credit Union Administration—the federal agency that charters and oversees credit unions. The NCUA also insures member accounts through the National Credit Union Share Insurance Fund (NCUSIF), established by Congress in 1970.
Your Insured Funds
Insurance provided by the NCUSIF is similar to the insurance provided by banks through the Federal Deposit Insurance Corporation (FDIC). Your savings, checking, and certificate accounts are insured up to $250,000—just like FDIC coverage. And like FDIC coverage, NCUSIF insurance is backed by the full faith and credit of the United States government. Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
All credit unions insured by the NCUSIF must meet high standards of safety and soundness. Wescom holds itself to even higher standards than the NCUSIF requires. With assets over $2 billion, we are one of the most well capitalized credit unions in the country. When you deposit funds in a Wescom account, you can rest assured that your money will be there for you when you need it. Safe. Secure. Protected.
Update to Temporary NCUA Share Insurance
Effective January 1, 2013, the temporary NCUA insurance coverage for all funds in a “noninterest-bearing transaction account” is no longer in effect. This temporary insurance covered Wescom Checking Accounts.
Please note that the standard NCUA Share Insurance of at least $250,000 is still in effect, and your Checking, Savings, and Certificate accounts remain insured to at least $250,000. In addition, certain retirement accounts, such as IRAs and Keoghs, are insured separately up to $250,000.
For more details about this Temporary NCUA Share Insurance, please visit the National Credit Union Administration.
Frequently Asked Questions About NCUSIF Insurance
What accounts are insured?
Your Checking, Savings, Certificate, and Money Market accounts are all insured up to $250,000* each. If you have more than one account, the balances are added together and insured up to $250,000. Certain retirement accounts, such as IRAs and Keogh plans, are insured up to $250,000—that's separate from the $250,000 coverage on your other Wescom accounts.
Are my investment accounts covered by NCUSIF insurance?
No. NCUSIF insurance does not apply to investments, such as stocks, bonds, mutual funds, annuities, and life insurance.
Can I can increase the insurance on my accounts?
You may have additional coverage on multiple accounts based on different account ownership. For example, if you have a Checking Account in your name and a joint Savings Account with your spouse, you personally have $250,000 in coverage on each account for a total of $500,000 in coverage. Your spouse also has $250,000 in coverage on the joint Savings Account.
For More Information
If you have questions about your NCUSIF insurance, call us at 1-888-4-WESCOM (1-888-493-7266). Additionally, you can call the NCUA’s Insurance Call Center toll-free at 1-800-755-1030 (press option1) from 5 a.m. to 3:30 p.m. PDT, Monday through Friday. The agency’s experts will answer all of your insurance questions.
Informative resources are also available at the agency’s website: www.ncua.gov. The site’s helpful tools include the following calculator: