Federally Insured


 

Castparts Employees Federal Credit Union is Financially Strong!

Despite the news about financial instability in the banking industry, your credit union remains financially strong. We invite you to review the most frequently asked questions.


Is my money safe at Castparts Employees Federal Credit Union?

Yes. The National Credit Union Share Insurance Fund (NCUSIF) is managed by the National Credit Union Administration (NCUA) and federally insures your accounts to at least $250,000.  IRAs are insured separately up to $250,000.

To learn more on how to maximize your insured deposits, visit ncua.gov.


Can I increase my coverage?

You can increase your insurance coverage by putting money into different ownership types at the credit union.


Is there an easy way to determine if my accounts are federally insured?

Yes. To evaluate your personal share insurance coverage, visit the NCUA’s online share insurance estimator.


Is Castparts Employees Federal Credit Union well capitalized?

Yes. At nearly $44 million in assets, Castparts’ capital is approximately 12% of total assets. In dollar terms, that's a capital cushion of nearly $5.4 million dollars. Capital is one of the best indicators of your credit union’s financial strength and Castparts Employees Federal Credit Union compares favorably to other financial institutions.


Does Castparts Employees Federal Credit Union make or invest in sub-prime mortgage loans?

No. Castparts Employees Federal Credit Union is not involved with sub-prime lending, either as a lender or as an institutional investor.


Does Castparts Employees Federal Credit Union have money to loan?

Yes!  We are still lending to our members, and lending responsibly, as always.


In Summary

Our financial strength, strong capital position and government-backed federal share insurance means you can rest easy knowing that your money is safe at Castparts Employees Federal Credit Union. If you have any questions, please call us at (503)-771-2464.