The Maine Credit Union League is reminding members that Maine credit unions are a safe place for your money. All Maine credit unions use the National Credit Union Administration (NCUA) to insure member deposits. The insurance coverage is backed by the full faith and credit of the United States government through the National Credit Union Share Insurance Fund, which is administered by the NCUA. The organization works similarly to the Federal Deposit Insurance Corporation (FDIC), which insures banks across the country.
“Given the current environment, our credit union network realizes our members have a great deal on their minds, but their credit union accounts should not be a concern,” said Todd Mason, President/CEO of the Maine Credit Union League. “Maine’s financial services industry is strong—even in these unimaginable circumstances. Fortunately, because of our position, Maine credit unions will continue to be a place where our members can turn for financial assistance and guidance. Further, we strongly encourage members not to make large cash withdrawals. You are far safer with your money at your credit union than stashed away at home.”
Credit union members always have access to their accounts, funds, and services, even when a credit union is limiting access to its lobby. Maine credit unions also are offering a variety of services to help members recover or maintain their financial capacity during COVID-19.
“Maine credit unions work hard every day to support our members, but in challenging times, our actions can be even more meaningful,” said Mason. “We hope our members take comfort in knowing their money is safe at their credit union, and that our network is a place they will always be able to turn to for help.”