Membership in Northrop Grumman Federal Credit Union means co-ownership in one of the strongest credit unions in the country.
Who Protects Your Money
You have the security of knowing that the money you deposit at Northrop Grumman FCU is backed by the NCUA, an agency of the US government.
NCUA Insurance (NCUSIF)
The National Credit Union Administration is an independent agency of the US government. The NCUA share insurance program (National Credit Union Share Insurance Fund [NCUSIF]) was established by Congress in 1970 in order to insure the member share accounts of federally insured credit unions.
NCUA Insurance maintains stability in the credit union industry by protecting members from the risk of credit union failure caused by insolvency or bankruptcy, as determined by the National Credit Union Administration Board. Members in an insured credit union do not pay for share insurance protection directly. Northrop Grumman FCU pays for the insurance through annual premiums of one-twelfth of one percent of the total amount on deposit in members' accounts.
- Each member's account is automatically insured to at least $250,000. By establishing different forms of account ownership, coverage for funds on deposit may exceed $250,000. IRA accounts are insured separately to $250,000.
- NCUA Insurance along with a liberal reserve account and a conservative investment policy are assurances of Northrop Grumman FCU's continued strong financial position.
- Regular Share Accounts (Savings), Share Draft Accounts (Checking), Money Market Accounts, Share Certificate Accounts, and IRA Accounts are covered.
- Members pay nothing directly; Northrop Grumman FCU pays through premiums raised on the total amount of member accounts.
- NCUSIF is backed by the full faith and credit of the US government.