Federally Insured by the NCUA
Your Deposits are Safe and Secure
Recent events may have you looking for more information about how ILWU Credit Union insures members' deposits. Deposits are insured by the National Credit Union Administration (NCUA). The NCUA is the federal agency that charters and supervises federal credit unions and insures savings in federal credit unions across the country. Credit union members have never lost a penny of insured savings at a federally insured credit union.
Your Money is Protected With UsILWU Credit Union share deposits are federally insured through the NCUA in the National Credit Union Share Insurance Fund (NCUSIF). The fund is backed with the full faith and credit of the United States Government. Share accounts in federally insured credit unions are insured up to $250,000, IRAs are insured separately up to $250,000.
Rest assured, ILWU Credit Union is a financially sound, well-capitalized credit union which means we have substantial funds set aside in reserves as an additional protection for our members. As of December 31, 2019, our capital ratio is 11.61% which is stong in comparison to our peers and well above the federal regulators' well-capitalized threshold of 7.00%. Credit unions remain the most tightly regulated and well-capitalized of all depository institutions. Your money is safe and secure at ILWU Credit Union.