The share (savings) insurance at Pacific Northwest Credit Union is similar to deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Federal Savings and Loan Insurance Corporation (FSLIC). Share (savings) accounts in federally insured credit unions are insured to at least $100,000.00 and backed by the full faith and credit of the United States Government. There are exceptions, however. If you have a regular share account and an Individual Retirement Account (IRA) with the same credit union, the regular share account is secured up to $100,000.00 and the IRA is separately insured up to $250,000.00. However, if you have a regular share account, a share certificate, and a share draft account, all in your own name, you will not have additional coverage. Those accounts will be added together and insured up to $100,000.00 as your individual account. The NCUA Insurance booklet gives a more detailed explanation of insurance coverage.

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 to help insured credit unions which may be experiencing problems, and liquidations or failures are usually done only as a last resort. If a federally insured credit union does fail, however, the National Credit Union Share Insurance Fund (NCUSIF) will normally make any necessary payouts within two weeks of the time the credit union closes its doors.

Insured credit unions are required to deposit and maintain 1% of their insured shares in the NCUSIF. The fund is currently at the strongest and best reserved level in its history. Historically, deposit insurance funds strive for a ratio of equity to insured savings of at least 1%. NCUSIF ratio of equity to insured savings ranges from 1.25% to 1.30%.

As a member of Pacific Northwest Credit Union, you do not pay directly for your share (savings) insurance protection. The deposit paid into the NCUSIF is based on the total amount of insured shares in the credit union.