- Personal Loans
- Personal Loans
- Home & Auto
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. https://www.growfinancial.org/wp-content/uploads/2020/01/insured-funds-brochure.pdf
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733