Since 1939, Schools Federal Credit Union has remained committed to providing the membership with the highest level of financial safety and soundness. As of the fiscal quarter ending on March 31, 2023, the Credit Union remained financially strong with a capital ratio of 11.56%, which exceeds the benchmark of 7% for a credit union to be considered well-capitalized. We are a true financial cooperative and only invest in You (our members), and not in new ventures or “opportunities” which may risk the safety of the Credit Union.
Your Credit Union is insured by the National Credit Union Administration (NCUA), the independent federal agency that charters and supervises federal credit unions. The NCUA provides up to $250,000 in deposit insurance coverage per account holder. Depending on how your accounts are structured (ownership), your insured funds by the NCUA can be more! Learn how you can structure your account to increase your coverage.
In addition to the standard NCUA coverage, supplemental coverage is available through American Share Insurance (ASI) program. ASI will protect any excess balances by an additional $250,000 per account. ASI is a private insurance company that provides excess deposit insurance coverage beyond the standard NCUA insurance limit.
What does this mean? Your deposits are secured! Your Credit Union is safe and financially strong. The NCUA federally insures your deposits; excess coverage is available through ASI.