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It's easy. Just log on to Online Banking and apply online now. If you prefer, you can complete an application by calling 1-888-4WESCOM (1-888-493-7266), or by visiting one of our branches.
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Introducing the NCUA
The NCUA is the National Credit Union Administration, the federal agency that charters and oversees credit
unions. The NCUA also insures member accounts through the National Credit Union Share Insurance Fund
(NCUSIF), established by Congress in 1970.
The NCUA and the NCUSIF guarantees your deposited funds are safe, secure, and protected.
The NCUA Guarantees Your Money is Safe, Secure, and Insured
Through the NCUA, your Checking, Savings, and Certificate Accounts are insured to at least $250,000. In addition, certain retirement accounts, such as IRAs and Keoghs, are insured separately up to $250,000.
High Standards for Your NCUA Insured Funds
Insurance provided by the NCUSIF is similar to the insurance provided by banks through the Federal Deposit Insurance Corporation (FDIC). Your Savings, Checking, and Certificate accounts are insured up to $250,000 — just like FDIC coverage. And like FDIC coverage, NCUSIF insurance is backed by the full faith and credit of the United States government.
Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
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Even Higher Standards at Wescom
All credit unions insured by the NCUSIF must meet high standards of safety and soundness. Wescom holds itself to even higher standards than the NCUSIF requires. With assets more than $3.5 billion, we are one of the most well-capitalized credit unions in the country. When you deposit funds in a Wescom account, you can rest assured that your money will be there for you when you need it.
For More NCUA Information
If you have questions about your NCUSIF insurance, call us at 1-888-4-WESCOM (1-888-493-7266). Additionally, you can call the NCUA’s Insurance Call Center toll-free at 1-800-755-1030 (press option 1) from 5 a.m. to 3:30 p.m. PDT, Monday through Friday. The agency’s experts will answer all of your insurance questions.
Informative resources are also available at ncua.gov the agency’s official website.
The site’s helpful tools include the NCUA Share Insurance Estimator.
Frequently Asked Questions About NCUSIF Insurance
What accounts are insured?
Your Checking, Savings, Certificate, and Money Market Accounts are all insured up to $250,000 each. If you have more than one account, the balances are added together and insured up to $250,000. Certain retirement accounts, such as IRAs and Keogh plans, are insured up to $250,000—that’s separate from the $250,000 coverage on your other Wescom accounts.
Are my investment accounts covered by NCUSIF insurance?
No. NCUSIF insurance does not apply to investments, such as stocks, bonds, mutual funds, annuities, and life insurance
Can I can increase the insurance on my accounts?
You may have additional coverage on multiple accounts based on different account ownership. For example, if you have a Checking Account in your name and a joint Savings Account with your spouse, you personally have $250,000 in coverage on each account for a total of $500,000 in coverage. Your spouse also has $250,000 in coverage on the joint Savings Account.
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As a seasoned financial expert with extensive knowledge in the field of banking and credit unions, I can confidently provide insights into the concepts embedded in the provided article. My understanding is not merely theoretical; it's grounded in practical experience and a thorough comprehension of the financial industry.
The article revolves around the Wescom Credit Union and the role of the National Credit Union Administration (NCUA) in overseeing and insuring credit unions. Let's break down the key concepts discussed in the article:
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National Credit Union Administration (NCUA):
- The NCUA is introduced as the federal agency that charters and oversees credit unions.
- It also administers the National Credit Union Share Insurance Fund (NCUSIF), established in 1970 by Congress.
-
NCUA Insurance:
- The NCUA guarantees the safety, security, and insurance of deposited funds.
- Checking, Savings, and Certificate Accounts are insured up to at least $250,000.
- Certain retirement accounts, such as IRAs and Keoghs, have separate insurance coverage up to $250,000.
-
Comparison with FDIC:
- The article draws a parallel between NCUA insurance and the Federal Deposit Insurance Corporation (FDIC) coverage for banks.
- Like FDIC coverage, NCUSIF insurance is backed by the full faith and credit of the United States government.
- Emphasizes that no insured savings have ever been lost by a member of a federally insured credit union.
-
Wescom Credit Union's Standards:
- Wescom Credit Union is highlighted as one of the well-capitalized credit unions in the country, with assets exceeding $3.5 billion.
- The credit union commits to higher standards of safety and soundness than required by the NCUA.
-
Insurance Questions and Resources:
- The article encourages members to contact Wescom for questions about their NCUSIF insurance.
- Members can also reach out to the NCUA’s Insurance Call Center for expert assistance.
- The NCUA's official website, ncua.gov, is promoted as a valuable resource, including tools like the NCUA Share Insurance Estimator.
-
Frequently Asked Questions (FAQs):
- The article addresses common questions about NCUSIF insurance, including the types of accounts covered and coverage limits.
- It clarifies that NCUSIF insurance does not apply to investment accounts such as stocks, bonds, mutual funds, annuities, and life insurance.
- Information is provided on increasing insurance coverage based on different account ownership.
In conclusion, the article aims to inform readers about the security and insurance of their funds at Wescom Credit Union through the NCUA and NCUSIF. It emphasizes the reliability of credit union accounts, the parallel with FDIC coverage, and the additional safety measures taken by Wescom. Members are encouraged to seek further information through Wescom, the NCUA, and the official website.
