March 31, 2020

Is My Money Safe in a Credit Union?


“Not one penny of insured savings has ever been lost by a member of a federally insured credit union.”

—National Credit Union Administration

When things are uncertain, it’s natural to think more about the safety and security of your home, your family, and your finances. Like most important things in your life, the money you deposit at Tulsa Federal Credit Union is protected by a type of insurance.

You may have heard that most banks are FDIC insured. The FDIC is a federal institution which was created to ensure that customers don’t lose money if an FDIC member bank fails.

In a similar way, the National Credit Union Administration (NCUA) insures deposits at participating credit unions up to at least $250,000 per individual depositor. To estimate how much your deposits are insured for, you can use the Share Insurance Estimator created by the NCUA.

The fund that the NCUA administers is called the National Credit Union Share Insurance Fund (NCUSIF). Like the FDIC’s Deposit Insurance Fund, the NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government. Since the fund was created, no one at an NCUA member credit union has ever lost a penny of insured savings. For complete details about Share Insurance, visit the NCUA website.

Which is Safer, a Bank or a Credit Union?

As long as you are banking at a federally insured institution, whether it is a credit union insured by the NCUA or a bank by the FDIC, your money is equally safe. Credit unions are owned by the members—your savings account at a credit union is a share of ownership. So many choose to deposit with credit unions because they prefer to work with a financial institution that is focused on serving its members rather than increasing its stock price.


This article is for educational purposes only. Tulsa FCU makes no representations as to the accuracy, completeness, or specific suitability of any information presented. Information provided should not be relied on or interpreted as legal, tax or financial advice. Nor does the information directly relate to our products and/or services terms and conditions.