What is A Credit Union
A credit union is a not-for-profit financial cooperative owned by its members. Members elect the Board of Directors.
Credit Union Directors are volunteers and members of the credit union.
People helping people is the heart of the credit union philosophy. It has been the purpose of credit unions since the first credit cooperatives were formed among farmers in Germany in the mid 1800s.
Your funds on deposit in the credit union are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA). This insurance is similar to deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC) at banks. Generally, if a credit union member has more than one account in the same credit union, those accounts are added together and insured up to $250,000. However, you may obtain additional insurance coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts. IRAs, Keogh and Deferred Compensation accounts are insured separately up to $250,000 from other accounts that a member maintains at the same credit union. Here is an example showing how multiple account ownership can increase insurance coverage:
| Account | Coverage |
| Individual Husband Wife |
$250,000 $250,000 |
| Joint Account Husband and Wife joint |
$500,000 |
Revocable Trust |
$250,000 $250,000 |
| Total Coverage | $1,500,000 |
There are other combinations which can increase your level of coverage. For additional deposit insurance information, click on Frequently Asked Questions or call our Member Service Phone Center at 734-662-8200 or 1-800-968-8628.
Your
savings federally insured to at least $250,000 and backed by the full faith
and credit of the United States Government
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.