SOUTHERN FEDERAL CREDIT UNION

Office: 713-232-7774     Fax: 713-232-7122

         
   
 

National Credit Union Share Insurance Fund (NCUSIF)

Share Insurance: Your Accounts Are Protected

Due to recent events in the banking and mortgage industries, many members may be wondering if their funds are safe at Southern Federal Credit Union. The simple answer is…YES! Southern FCU is proud to note that we have reserves and capital at over twice the regulatory limit. This is important since deposit insurance only comes into effect after an institution's reserves are used. Our delinquencies and losses remain far below the industry norms. Southern FCU is also pleased that we do not have any of the sub-prime loans that have caused the mortgage situation that is occurring across the country. And, because we are owned by our members, our financial statements are readily available to the public.

In addition, your shares at Southern FCU are insured to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA. For further information see below.


The shares in your credit union are federally insured to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC). The NCUA Share Insurance Estimator is an educational resource about share insurance and gives a detailed explanation of insurance coverage. The Your Insured Funds brochure gives a more detailed explanation of your insurance coverage.

Your savings federally insured to at least $250,000

You may find the following publications helpful: