Your account(s) at Granite Credit Union are federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), an amount equal to the insurance protection offered by the FDIC. Generally, if a credit union member has more than one account in the same insured credit union, those accounts are added together and are insured up to $250,000. There are exceptions, however. If a member has a regular share account and an Individual Retirement Account in the same credit union, each account is insured up to $250,000.
Not one penny of insured savings has ever been lost by a member of a federally insured credit union. The federal insurance fund has several programs to help insured credit unions which may be experiencing problems, and liquidations or failures are usually done only as a last resort. If a federally insured credit union does fail, the National Credit Union Share Insurance Fund (NCUSIF) will normally make any necessary payouts within two weeks of the time the credit union closes its doors.
As a member of Granite Credit Union, you do not pay directly for your share insurance protection. Granite Credit Union pays into the NCUSIF a deposit based on the total amount of insured shares in the Credit Union.