Little Known Fact: Credit Union Deposits are Secured


Posted July 30, 2017 by credituniontx

NCUA is a United State government agency that is tasked with much more than insuring deposits.

 
The chairwoman of the Credit Union of Texas talks about deposit insurance.

Dallas, TX, – It’s no secret that the past decade or so has been a tumultuous time for many financial services companies. With high profile cases and even higher-profile settlement announcements, consumers may find themselves seeking the most secure options for their personal financial accounts. While not everyone is aware of it, credit unions do offer many of the same protections traditional banking customers enjoy. Deposit insurance is one of them.

“Credit union members are provided the same level of security banking customers enjoy for their deposits,” explains the chairwoman of the Credit Union of Texas. “The National Credit Union Administration, or NCUA for short, provides deposit insurance for members much like the Federal Deposit Insurance Corporation covers traditional bank deposits. The limit of coverage matches FDIC protection dollar for dollar, up to $250,000.”

NCUA is a United State government agency that is tasked with much more than insuring deposits. This government entity also provides regulation and supervision over the credit union industry to ensure a financially secure, consumer-driven and stable industry. The agency’s aim is to provide confidence in the country’s cooperative credit system by promoting best practices and sound decision-making.

“Credit unions are different than traditional banks at their very core,” says the Credit Union of Texas’ chairwoman. “Consumers, however, can rest assured their money is protected and their best financial interest drive every decision. Unlike for-profit financial ventures that seek to capitalize on earnings, credit unions exist solely to benefit their membership. Thanks to the NCUA, credit unions can serve their missions while providing their members the peace of mind that goes along with deposit insurance.”

The Credit Union of Texas is a not-for-profit cooperative that serves members across the Greater Dallas area. To find out more about membership and its benefits, visit the credit union online at www.cutx.org.

About Credit Union of Texas
CUTX is owned by its members, and operated in accordance with the laws governing credit unions in the State of Texas. As a member, your deposits are federally insured by the National Credit Union Administration, a United States government agency.
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Issued By cutx
Website Credit Union of Texas
Phone 972-263-9497
Business Address 8131 LBJ Freeway, Suite 500
Dallas, TX 75251-7028
Country United States
Categories Fitness , Health , Medical
Tags credit union of texas , finance , investments
Last Updated July 30, 2017