National Credit Union Share Insurance Fund
Share Insurance: Your Accounts Are
Due to recent events in the banking and mortgage industries,
many members may be wondering if their funds are safe at Southern
Federal Credit Union. The simple answer is…YES! Southern
FCU is proud to note that we have reserves and capital at
over twice the regulatory limit. This is important since deposit
insurance only comes into effect after an institution's reserves
are used. Our delinquencies and losses remain far below the
industry norms. Southern FCU is also pleased that we do not
have any of the sub-prime loans that have caused the mortgage
situation that is occurring across the country. And, because
we are owned by our members, our financial statements are
readily available to the public.
In addition, your shares at Southern FCU are insured to at
least $250,000 by the National Credit Union Share Insurance
Fund (NCUSIF), an arm of NCUA. For further information see
The shares in your credit union are federally insured to
at least $250,000 by the National Credit Union Share Insurance
an arm of NCUA.
Established by Congress in 1970 to insure member share accounts
at federally insured credit unions, the NCUSIF is managed
by NCUA under the direction of the three-person NCUA Board.
Your share insurance is similar to the deposit insurance protection
offered by the Federal Deposit Insurance Corporation (FDIC).
Share Insurance Estimator is an educational resource about
share insurance and gives a detailed explanation of insurance
coverage. The Your
Insured Funds brochure gives a more detailed explanation
of your insurance coverage.