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Is It Safe To Put Money In A Credit Union?
When people put money into deposit accounts, they want assurances it will be kept safe until they need to draw it out. While traditional banking customers have protection provided by the Federal Deposit Insurance Corporation (FDIC) for balances of up to $250,000, credit union members may not know they enjoy similar protections. In the case of credit unions, protections for member deposits comes from the National Credit Union Administration, or the NCUA for short.
The NCUA, much like the FDIC, is a federal oversight agency.
Its mission is to provide regulation and supervision for credit unions across the country to promote confidence in America’s cooperative credit system. As part of that mission, the NCUA provides the members of credit unions it oversees with deposit insurance, among other safeguards.
While NCUA protections provide credit union members peace of mind, the benefits of membership extend well beyond this agency’s protections. No matter how big or small deposit accounts happen to be, credit union members enjoy these benefits that can help them make their money go farther:
· A higher yield on savings and investment products – Credit union members often receive a higher interest yield on savings and investment products than their banking counterparts. This is due to the fact credit unions are member-owned, not-for-profit cooperatives. Profits that are earned by credit unions are put back into the operation and are also returned to members via higher interest yields.
· Lower rates on borrowed money – Credit union members are also likely to discover membership enables them to hang on to more of their money when loans or credit card accounts are established. Credit unions tend to charge lower rates than banks and other institutions because of their member-driven focus.
Opening a deposit account through a credit union doesn’t mean sacrificing safeguards and protection. Members will find they enjoy the same level of protection as banking customers with other benefits built in that can help them attain their financial goals.
Serving our community since 1931, CUTX is owned by its members and operated in accordance with the laws governing credit unions in the State of Texas. As a member, your deposits are federally insured by the National Credit Union Administration, a United States government agency.
CUTX (Credit Union of Texas) committed to take your security very seriously, whether that means the security of your assets or your personal security. More service. More value. More solutions to your financial needs. That's why we're here. Actually, it's the only reason we're here. We are interested in what is happening to you above all else, and our employees are trained to help you get where you are going, wherever the financial road takes you. We want you to feel how much we really care about you. At the end of every interaction we have with you, our goal is to little nod and smile that you can not fight when you experience something unexpected. That's the CUTX way.
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