As of 6-10-23
Savings (share) accounts at Los Angeles Federal Credit Union are protected by insurance from the National Credit Union Administration (NCUA). The credit union system in the USA remains well-capitalized, and no credit union members have lost any funds of insured share deposits. Unlike the banking system where just 50% of deposits are insured, over 90% of credit union deposits are insured by the federal government.
Federally-insured credit unions, like LAFCU, indicate their insured status by displaying the official National Credit Union Share Insurance Fund (NCUSIF) sign in their branches and website. This fund was established by the US Congress in 1970 and is backed by the full faith and credit of the US Government.
The standard share savings insurance amount is $250,000 per share owner, per insured credit union, for each account ownership category. This amount became permanent through the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Your share savings accounts are federally insured to at least $250,000 by the NCUSIF. You may qualify for additional insurance coverage beyond that amount based on your different ownership interests in your accounts:
Accounts not covered are mutual funds, annuities and non-deposit investments. To learn more about your coverage, visit a LAFCU branch, call our Digital Branch, or visit the links mentioned on this web page.
This Estimator helps you better understand the protection offered by the NCUSIF. The MyCreditUnion interactive website lets you input data to compute the amount of coverage available under different account scenarios.