Savings in federally insured credit unions are safe too, agency notes; warning of scams related to coronavirus crisis issued

Savings in federally insured credit unions are safe and sound in the face of the financial impact of the coronavirus crisis, the federal credit union regulator said Thursday, following in the footsteps of a similar message released the day before by the federal insurer of bank deposits.

Also, the National Credit Union Administration (NCUA), like its sister agency for banks (the Federal Deposit Insurance Corp. [FDIC]), warned credit union members to “remain vigilant against” scams related to coronavirus (COVID-19).

“Federally insured credit unions offer a safe place for credit union members to save money,” the agency said. “All deposits at federally insured credit unions are protected by the National Credit Union Share Insurance Fund, with deposits insured up to at least $250,000 per individual depositor. Credit union members have never lost a penny of insured savings at a federally insured credit union.”

NCUA noted that additional information on NCUA savings insurance coverage for consumers is available at the agency’s website.

Meanwhile, the credit union regulator also warned that “cyber actors” may send emails with malicious attachments or links to fraudulent websites to trick victims into revealing sensitive information or donating to fraudulent charities or causes. “Exercise caution in handling any email with a COVID-19-related subject line, attachment, or hyperlink, and be wary of social media pleas, texts, or calls related to COVID-19,” NCUA advised.

Deposits Are Safe in Federally Insured Credit Unions