{"id":11414,"date":"2023-04-28T16:26:27","date_gmt":"2023-04-28T22:26:27","guid":{"rendered":"https:\/\/www.iccu.com\/?p=11414"},"modified":"2025-03-24T17:19:18","modified_gmt":"2025-03-24T23:19:18","slug":"your-money-is-safe-at-iccu","status":"publish","type":"post","link":"https:\/\/www.iccu.com\/blog\/financial-education\/your-money-is-safe-at-iccu\/","title":{"rendered":"Your Money is Safe at ICCU"},"content":{"rendered":"

As news of economic turbulence circulates through your feeds, you may be wondering about the security of your own funds. We want to take a moment to answer your questions and concerns. Before we jump into the specifics, you should know one key thing: Your funds at ICCU remain safe and secure<\/strong>.<\/p>\n

Why is my money safer at ICCU?<\/h2>\n

Traditional banks answer to stockholders whose main priority is to see a return on their investments. Credit unions, on the other hand, are not-for-profit organizations.<\/p>\n

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ICCU is made for members, by members. Our board of directors is comprised of ICCU members who have been voted in by members like you. We serve Idaho and its neighbors, not Wall Street. That\u2019s why ICCU will always prioritize safety and stability instead of profits.<\/p>\n

Is ICCU federally insured?<\/h2>\n

ICCU is federally insured by the National Credit Union Association (NCUA). Like the FDIC, the NCUA insures $250,000 per member, per ownership category.<\/p>\n

In other words, a member with a single-ownership account (like an individual checking account) has coverage for $250,000. A member who has deposits in an individual checking and joint checking account has coverage for $500,000.<\/p>\n

That said, no credit union member<\/a>\u00a0has ever lost a penny of federally insured savings held in a credit union.<\/strong><\/p>\n

How do I maximize my NCUA insurance coverage?<\/h2>\n

To maximize your coverage, you\u2019ll want to strategically structure your accounts to fit the \u201cper member, per ownership category\u201d rule. We recommend researching which ownership category each of your accounts falls under. NCUA\u2019s\u00a0\u201cYour Insured Funds\u201d brochure<\/a>\u00a0and its\u00a0Share Insurance Estimator<\/a>\u00a0are good places to start.<\/p>\n

The NCUA provides the $250,000 coverage for each of these ownership categories:<\/p>\n