Three new videos released by the National Credit Union Administration can help credit union members better understand how their accounts at federally insured credit unions are protected.
The three videos are available on NCUA’s YouTube Channel and are part of its Consumer Report series. The videos include a Share Insurance Coverage Overview, How to Use NCUA’s Share Insurance Estimator and Account Ownership Types.
“These videos are excellent tools to educate depositors about the protection offered by the National Credit Union Share Insurance Fund,” NCUA Board Chairman Debbie Matz said in a news release. “Federally insured credit unions are a very safe place to save. No member of a federally insured credit union has ever lost a penny of shares insured by NCUA. I urge credit unions to make their members aware of these videos or to download them and share them on their own websites.”
The videos are also housed on NCUA’s new Share Insurance Toolkit for Consumers located on MyCreditUnion.gov. The toolkit provides a variety of helpful resources for consumers to better understand insurance coverage on their deposits at federally insured credit unions, including:
• The Share Insurance Estimator, NCUA’s interactive site which allows users to input data to compute the amount of Share Insurance Fund coverage available under different account scenarios;
• NCUA’s share insurance publications “How Your Accounts Are Federally Insured” and “Your Insured Funds.” Both publications are available in English and Spanish.
Federally insured credit unions interested in using these resources to promote awareness of federal share insurance coverage can embed the links on their websites for viewing by members, according to the release.
NCUA supports credit unions and their members with free financial literacy and consumer protection resources available at MyCreditUnion.gov. NCUA also provides up-to-date financial education information on the agency’s YouTube, Facebook and consumer Twitter feeds.
For more information, visit www.ncua.gov/newsroom/Pages/news-2015-nov-new-consumer-videos.aspx#sthash.MPGRdz3X.dpuf.