Are my accounts at CorePlus insured? Absolutely.
Deposit Account Insurance
The National Credit Union Share Insurance Fund insures member funds up to $250,000 per individual depositor in federally insured credit unions, like CorePlus Credit Union.
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Your Accounts are Insured
When you choose to bank with CorePlus, your deposits are safe. The National Credit Union Share Insurance Fund insures member funds up to $250,000 per individual depositor in federally insured credit unions, like CorePlus Credit Union.
With CorePlus, you’re insured up to $250,000 per individual depositor.
Learn How the NCUA Insures Your Deposits
This video is a great resource to review and learn more about how the National Credit Union Share Insurance Fund insures your CorePlus deposits.
Federally insured credit unions offer a safe place for you to save your money, with deposits insured up to $250,000 per individual depositor. The National Credit Union Share Insurance Fund 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 National Credit Union Share Insurance Fund protection, and not one penny of insured savings has ever been lost by a member of a federally insured credit union.
A Letter from Raymond J. Currier Regarding Your Member Deposits
May 11, 2023
Dear Members,
Over the last five days the media has reported that two large U.S. Banks have been seized by regulators. Silicon Valley Bank (SVB) and Signature Bank are both ranked among the top 30 banks in the U.S. by asset size. We recognize that headlines concerning these bank failures are troublesome and that you may have questions regarding the safety of your deposits at CorePlus Federal Credit Union.
SVB and Signature Bank were niche banks that dealt almost exclusively with large business depositors that kept large balances well above FDIC insurance limits. SVB had 3% of its deposits covered by the FDIC while Signature had 6% covered. CorePlus is very different than these banks; 96% of our deposits are insured by the NCUA. CorePlus is financially strong. We are considered well capitalized by the NCUA and manage our balance sheet to ensure sufficient liquidity. In addition, CorePlus posts strong earnings quarter after quarter and maintains a healthy loan portfolio with low delinquency.
Understanding share insurance is important. Deposits are insured up to $250,000 per depositor by the NCUA. Members with more than $250,000 on deposit can be covered for much larger amounts of insurance if their accounts are titled properly. If you would like to discuss how to qualify for greater insurance limits, please call us at 860-886-0576 or stop by any branch office. You can also log into www.mycreditunion.gov and use the share insurance estimator to determine your insured level based on your balance and account structures.
If you would like to discuss your concerns with a member of our management team, please call us at 860-886-0576 and we will direct you to the proper person.
Sincerely,
Raymond J. Currier
Raymond J. Currier, EVP/COO
