Your savings are safe at Sheboygan Area Credit Union
Have questions about the NCUA deposit insurance coverage that -- in addition to Sheboygan Area Credit Union's strong financial health and excellent regulatory ratings -- protects your savings? Here is what you need to know:
Not one penny of insured savings has ever been lost by a member of a federally insured credit union. The federal insurance fund has several programs in place to help insured credit unions who experience problems. The liquidation of a credit union in the event of a failure would be a last resort; however, in the event that a credit union does fail, NCUSIF will make necessary payouts to credit union members. Payouts are typically completed within 3 days of the credit union closing its doors.
As a member of Sheboygan Area Credit Union, you do not pay directly for share insurance protection. Sheboygan Area Credit Union pays into the NCUSIF based on the amount of share accounts held at the credit union.
Sheboygan Area Credit Union is financially strong and healthy, and a safe place for your savings. Despite the challenges many lenders are facing with sub-prime mortgage defaults, Sheboygan Area Credit Union has built its mortgage lending portfolio with carefully underwritten mortgage products, using reasonable industry-standard guidelines for borrowers' debt ratios, credit scores and property values.
We do not do any business with Lehman Brothers, AIG, or Goldman Sachs. We cannot invest in stocks or bonds of individual companies, nor in mutual funds.
Federally insured credit unions are a safe place to deposit, as you'll read here:
Your savings are primarily insured by National Credit Union Administration, an agency of the U.S. Government, through the National Credit Union Share Insurance Fund (NCUSIF). Most properly established share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), which is $100,000 as of April 2006, but may be increased in the future. Recent legislation has increased the insurance coverage on certain retirement accounts, such as IRAs and Keoghs, up to $250,000. Learn more about NCUA's federal deposit insurance coverage and what it means to you:
Your Insured Funds (PDF); provides easy-to-understand language and specific examples of ways you can structure ownership of your accounts to take full advantage of deposit coverage
Insurance Estimator is an online tool to help you determine if you have any deposits that aren't covered under the NCUA's federal deposit coverage program
