Your money is protected
You can feel secure knowing the money you deposit at Northrop Grumman FCU is backed by the National Credit Union Administration (NCUA), an independent agency of the U.S. government. In 1970, Congress established the National Credit Union Share Insurance Fund (NCUSIF) to insure the member share accounts of federally insured credit unions.
What NCUA Insurance means for you
NCUA Insurance maintains stability in the credit union industry by protecting members from the risk of credit union failure caused by insolvency or bankruptcy. Members in an insured credit union like NGFCU do not pay for share insurance protection directly. NGFCU 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 NGFCU’s continued strong financial position.
- Savings, checking, money market, share certificate and IRA accounts are covered.
- Members pay nothing directly; NGFCU pays through premiums raised on the total amount of member accounts.
- NCUSIF is backed by the full faith and credit of the US government.