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NCUA Deposit Insurance

The National Credit Union Administration (NCUA) is an independent federal agency that examines and supervises federally-chartered credit unions. The NCUA also administers the National Credit Union Share Insurance Fund (NCUSIF), which was established by Congress in 1970 and which insures member deposits in all federal credit unions nationwide. The NCUSIF is backed by the full faith and credit of the United States government.
Person standing next to secured safe

A message from our President/CEO

Dear Membership:

As I am sure many of you are aware, the FDIC has recently taken two large banks, Silicon Valley Bank and Signature Bank into receivership, which has resulted in the shut-down of both institutions.  This news has generated many questions about the strength and security of the banking system in the U.S. and fear about how safe your money is within the banking system. 

I want to take the time to assure you that Inspire Federal Credit Union is a thriving financial cooperative. Our Balance Sheet and specifically our investment portfolio, is structured much different than both of these banks.  As a member-owned financial institution, our interests are much better aligned with making decisions to benefit you, the member, not corporate shareholders, and the pressure to return dividends and profits to stockholders. 

Inspire Federal Credit Union is adequately diversified and well-capitalized, by our regulator’s definition.  We have been proudly serving our community in a safe and responsible manner since 1936 and our management strategy has withstood all of the economic factors and conditions that our country has endured over the past 85 years. 

Your deposits are insured by the NCUA. The National Credit Union Administration (NCUA) is the United States independent federal agency that supervises and charters federal credit unions. The NCUA also insures savings in eligible credit unions through the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF is funded completely by participating credit unions, and no taxpayer dollars have ever been used to bail out a credit union. In short, your deposits at Inspire Federal Credit Union are insured to at least $250,000 and backed by the full faith and credit of the United States government. Not one dime of insured savings has ever been lost by a member of a federally insured credit union.

You always have access to a talented team of employees here at Inspire to help manage your banking needs and answer any questions you have.  We are honored to serve you and appreciate the trust you place in us.  Thank you for your membership and don’t hesitate to reach out to us with any questions we can answer for you.

Sincerely,

James M. Merrill

President/CEO

Our way of protecting you

The NCUA protects members against losses should a federally-insured credit union fail. No Credit Union may terminate its federal insurance without first notifying its members. 

What is covered by the NCUA?

The basic insurance amount is $250,000 per individual account holder, per federally insured credit union. This includes principal and posted dividends up to a total of $250,000. Joint account holders are insured up to $250,000 per joint account holder, per federally insured credit union. For example, an account with two joint account holders is insured for $500,000 separately from the holders’ individual accounts. This includes principal and posted dividends. IRA and KEOGH accounts are insured, separate from other accounts, up to $250,000 per institution, including principal and posted dividends.

Ownership Type Coverage Amount Applies To
Individual
$250,000
Total amount in qualifying individual accounts combined.
Joint
$250,000 per owner
Amount per each owner's interest in qualifying joint account combined.
Retirement
$250,000 per owner
Amount in all traditional, Roth, and SEP-IRA combine Beneficiaries do not change coverage amount.
Payable on Death and Revocable Trust
May qualify for up to $250,000 per named beneficiary
Amount per beneficiary, for each owner. Special rules for accounts with six or more beneficiaries
Irrevocable Trust and Coverdell ESAs
May qualify for up to $250,000 per named beneficiary
Amount per beneficiary, for each owner

Are your deposits covered?

Use the the NCUA Share Insurance Estimator to determine your coverage limits.

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