Your savings at Bethlehem 1st Federal Credit Union are federally insured to at least $250,000 through the National Credit Union Administration (NCUA), the independent agency that administers the National Credit Union Share Insurance Fund (NCUSIF). Like the FDIC’s Deposit Insurance Fund, the NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government.
The NCUSIF insures member savings in federally insured credit unions, which account for about 98 percent of all credit unions in the United States. Deposits at all federal credit unions and the vast majority of state-chartered credit unions are covered by NCUSIF protection, and not one penny of insured savings has ever been lost by a member of a federally insured credit union.
The NCUA’s mission is to provide, through regulation and supervision, a safe and sound credit union system, which promotes confidence in the national system of cooperative credit. Visit the NCUA’s website (https://www.ncua.gov) for more information.
As a member of a federally insured credit union, you do not pay directly for your share insurance protection. Bethlehem 1st Federal Credit Union places a deposit into the NCUSIF and pays an insurance assessment based on the total amount of insured shares and deposits in the credit union.
All federally insured credit unions must prominently display the official NCUA insurance sign (shown here) at each teller station and where insured account deposits are normally received in their principal place of business and in all branches. Federally insured credit unions are also required to display the official sign on their Internet page, if any, where they accept deposits or open accounts. A credit union may not end its federal insurance without first notifying members.