Grow Financial Federal Credit Union
April 12, 2023

What It Means to Be Insured by NCUA: Your Money is Safe

With recent bank failures making headlines, we want to make sure our members know their money is safe with Grow Financial. Let’s talk about what it means to be insured by NCUA and how Grow is a different type of financial institution.

What does “Insured by NCUA” mean?

As a federal credit union, Grow is insured by the National Credit Union Administration (NCUA), which operates the National Credit Union Share Insurance Fund (NCUSIF). Congress established the NCUSIF in 1970 to protect credit union members and their money, and to this day, the NCUSIF is backed by the full faith and credit of the U.S. Government. Rest assured:

"No member of a federally insured credit union has ever lost one penny of insured savings."

- NCUA, Office of Consumer Financial Protection*

What types of accounts are insured?

Member share accounts and deposits are insured up to $250,000. That includes all of our savings and checking accounts. Investment products, such as mutual funds, annuities and other non-deposit investments, are not insured.

How can I maximize my NCUA insurance coverage?

Because the $250,000 in coverage applies to each share owner, per insured credit union, for each account ownership category, you can be covered for even higher amounts, depending on how you structure your accounts. You might opt to separate funds out across several different insured credit unions. You may also choose to add a joint to certain accounts to increase insurance coverage. For example, if two or more people, such as spouses, have a joint account in the same credit union as well as their own individual accounts, each account is separately insured. A person’s interest in joint accounts is also insured separately up to $250,000, provided each co-owner has personally signed an account signature card and has a right of withdrawal on the same basis as the other co-owners.

For more information about insured funds or to estimate the coverage on your accounts, visit Your Funds Insured.

What’s different about Grow?

We’re a different kind of financial institution compared to the banking institutions that have had trouble recently. We’re a member-owned credit union, not a stockholder-owned bank. Our member base consists in large part of everyday consumers and locally owned small businesses, rather than high-tech startups. And nearly 100% of our member deposits are federally insured by the NCUA.

At Grow, we’re here to serve people, not profit. Our full obligation is to our members alone. Long story short, we’ve got your back. Learn more about the credit union difference.

*Your Insured Funds. NCUA Office of Consumer Financial Protection.

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