As a nation we’ve been rebuilding since difficult economic times hit hard in 2008. Financial institutions were making headlines which lead to consumers feeling weary. People started to question who they could trust with their hard earned money.
This was and still is a question Maine’s credit union members already know the answer to—their money is safe at the financial institution they own — their credit union.
Maine credit unions offer something that is unique: the opportunity to be a member and an owner of your institution. Additionally, credit unions have a board of unpaid volunteers who are democratically elected by the credit union’s members. These volunteers work with credit union management to conduct credit union operations in a safe and sound manner that is singularly focused on serving the members.
“Maine credit unions are owned by their members. This means that each credit union is dedicated to serving the community and the people who live there.” explained John Murphy, president of the Maine Credit Union League.
The National Credit Union Administration, or NCUA, is the federal government agency that charters and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund, similar to the FDIC which insures banks. Member savings in Maine credit unions are insured by the NCUSIF, which is backed by the full faith and credit of the United States Government.
- Member deposits in federal credit unions are insured up to $250,000 by the National
Credit Union Share Insurance Fund is backed by the full faith and credit of the U.S. Government. These accounts include regular shares, share drafts (or checking accounts), money market accounts, and share certificates. Individuals with account balances totaling up to $250,000 at the same insured credit union have full NCUSIF coverage. Not one penny of insured savings has ever been lost by a member of a federally insured credit union. All Maine credit unions are federally insured.
At Maine’s Credit Unions your money is safe, secure, and local.