Your Insured Deposits

Your Deposits Are Safe With Us

Your regular savings, certificate, club, and/or checking deposits at ActorsFCU are insured by the National Credit Union Share Insurance Fund (NCUSIF) and backed by the United States Government as follows:

** The legislation authorizing the increase in share insurance coverage limits is effective October 3, 2008 through December 31, 2009.

This means, if you are an individual account owner, you could have up to $1,750,000 in insurance coverage; for joint-account owners, the coverage could go as high as $4 million. These numbers are based on having the maximum $250K in all accounts and IRAs, and five beneficiaries in Trust Accounts.

  • Beneficiaries are now defined as natural persons as well as charitable organizations and other nonprofit entities.
  • A Trust Account owner with up to five different beneficiaries will be insured up to $250,000 per beneficiary.

Even in the extremely rare historical occurrences of credit union closures, the fact remains that in 100 years of credit union existence in the United States, not one penny of insured savings has ever been lost by a member of a federally insured credit union.

ActorsFCU Has Sound Lending Policies

We have never owned or invested in any sub-prime mortgages, thus eliminating any exposure to the catastrophic losses you have heard so much about in the news.

Even non-mortgage related losses, such as regular loan delinquencies and bankruptcies, are less of a risk than at other types of institutions.  Credit Unions are required to set aside a far higher percentage of funds (Net  Worth or Assets) than banks to mitigate these normally occurring loan losses.

ActorsFCU Is Scrupulously Audited by the Federal Government through the National Credit Union Administration (NCUA)

As a federally chartered, not-for-profit, financial cooperative, ActorsFCU, as well as all other federal credit unions, is far more strictly regulated and examined than commercial, for-profit banks.  Our federal examiners from the NCUA are sticklers for making sure our members are never at a risk for loss.

ActorsFCU’s Board of Directors Sets Secure and Effective Financial Policies

Your Board of Directors, comprised of your fellow members, is not compensated in any way for their service, so they are not motivated to take undue risks for extra profit.  All decisions regarding investment policies, etc., are driven by their one and only fiduciary mandate: to protect your money.

ActorsFCU’s Supervisory Committee Provides Additional Oversight

Comprised of Credit Union members, the Supervisory Committee is mandated by the NCUA to make sure management’s financial reporting objectives have been met and that management practices and procedures safeguard members’ assets.This committee conducts internal and external audits and independently fields members’ concerns.

ActorsFCU Is Highly Ranked by the NCUA

ActorsFCU consistently receives the highest rankings by the NCUA for our strong financial performance, including our Net Worth and the sound quality of our Assets.

  • ActorsFCU maintains a Net Worth of nearly double the amount that would be required by a bank. (Net Worth is the amount financial institutions are required to set aside for potential losses.)
  • Our Return on Assets (ROA), the amount of money we earn for each dollar of our overall assets, is more than double the national average of other credit unions.

To calculate the maximum insurance for your own particular circumstances, the NCUA has a Share Insurance Estimator.

To find out more about how your accounts are insured go to http://ncua.gov/Resources/ShareInsuranceToolkit.aspx

For your specific insurance needs, contact the NCUA’s Insurance Call Center
Monday through Friday
8 a.m. to 6:30 p.m. (EDT)
800.755.1030, ext. 1
or call us directly at 212.869.8926, option 6.