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How Numerica keeps your money safe

Whether you’re opening a new account or curious about the impact of a topsy-turvy economy, it’s always smart to look into the safety of your money.

How does Numerica keep your deposits secure? Let’s take a look at three main factors. 

  1. How credit unions prioritize the safety of your money.
  2. How Numerica leverages its strength and expertise to help you live well.
  3. How NCUA insurance works — and how to maximize it.

How credit unions keep your money safe

When you’re a member of a credit union, you’re the main character of that credit union’s story. Credit unions have a structure, purpose, and protection that are all about you. Here are a few comparisons of credit unions vs. banks.

Credit unions are not for profit

This makes the structure of a credit union vastly different from a bank. Think about it. When a bank sets rates and fees, it must make decisions based upon earning profits. A credit union makes those same decisions based on serving you, the member. Successful banks are those that make the most money. Successful credit unions are those that focus on member interests.

Credit unions are owned by members

This makes the purpose of a credit union vastly different from a bank. Banks are owned by shareholders. These people may or may not have an account with the bank. At a credit union, the members own the organization. Every member has an equal share and an equal say.

A volunteer board of directors is elected to make sure no one loses sight of the mission. Board members are credit union members first. They typically live in the same neighborhoods where the credit unions operate and share local concerns.

What does member ownership have to do with purpose? It drives credit unions to be member-centric. More often than not, this translates into better rates, lower fees, no-stress services, and outstanding support.

Many credit unions are federally insured

Federally insured credit unions like Numerica offer the same protection as banks. Your deposits are automatically insured up to $250,000 by the National Credit Union Association. NCUA is a U.S. government agency, which means these insured deposits are protected and guaranteed by the federal government. The only difference in a bank’s federal insurance protection is that it happens through a different federal agency, FDIC.

The good news: No one has ever lost an insured deposit from a federally insured credit union. This makes it much safer than holding on to cash. Cash is not insured. If it’s lost or stolen, it’s gone.

Prioritizing the safety of your money at Numerica

As a credit union, the financial well-being of our members is part of Numerica’s architecture. After all, this is your money we’re talking about. That’s why we’ve spent years cultivating a resume built on strength, competency, and heart.

  • Strength: You want a track record of dependability.
  • Competency: You want us to know what we’re doing.
  • Heart: You want to make sure we care about what’s important to you.

Numerica’s strength

Numerica received Raddon’s Crystal Performance Award for 3 consecutive years. This means Numerica ranked among the top 11 credit unions in the nation with more than $1 billion in assets. Numerica was the only credit union in the Pacific Northwest to receive this honor for these 3 years.

Raddon is a leading research company that ranks hundreds of credit unions from across the country each year. The Raddon Performance Index measures dozens of data points to evaluate the service and soundness of credit unions.

Among many other factors, two aspects of Numerica’s strength are particularly noteworthy.

  1. Numerica maintains a strong capital ratio. This means less risk in the face of economic downturns or unforeseen challenges.
  2. Numerica has a diverse membership and funding base. Some financial institutions rely on niche industries or become overly concentrated in specific funding sources. That’s not how we operate.  

Numerica’s competency

Numerica is a self-funded, self-directed credit union. Our loans are funded by our deposits. When the economy slows, we can make adjustments as an organization much the same way you might make adjustments as a family. We proceed with more caution. When wisdom calls for tightening the belt, we make the necessary adjustments to ensure our long-term viability.    

Being smart and nimble also means building in extra layers of accountability and protection. Our Board of Directors and Audit Committee regularly monitor Numerica’s health and direction. Every year, an annual third-party firm audits Numerica’s financial records. Our financial performance is shared at our Annual Meeting and through our Annual Report.

Numerica’s heart for members

Numerica’s care for member well-being drives us. We invest in teams and tools to keep members protected. We help money grow with high-yield accounts such as Bonus Checking and Bonus Saver. We invest thousands of dollars — and hours — in putting local love in action. It’s all about enhancing lives, fulfilling dreams, and building communities.

Maximizing your federal insurance protection

A final aspect of keeping your money safe is understanding how it is insured. This is particularly important if you are planning to deposit more than the $250,000 NCUA standard protection. When you understand the rules for structuring accounts at a credit union, it’s simple to grow your insurance protection.

Here are two basic things to consider when looking to grow your insurance protection.

1. Build your protection by using different account categories.

  • Categories include individual accounts, joint accounts, and eligible retirement accounts, such as IRAs.
  • Protection doesn’t grow when the account owner and category are the same. For instance, if you own both a checking and savings account, those are both considered individual accounts. The $250,000 protection would be for both balances combined.
  • Protection does grow when you open accounts in different categories. For example, if you open an individual account, joint account, and a retirement account, you receive $250,000 in NCUA protection on each account.

2. Make sure your account qualifies for insurance.

  • Traditional credit union deposit accounts are typically insured by NCUA — checking, savings, Certificates, IRAs, etc.
  • Investment products like stocks, mutual funds, treasury bills, and insurance products are not insured by NCUA.

A scenario

Maria and Joe are a married couple looking to deposit $1.5 million into Numerica Credit Union accounts. Here’s one way they can structure their deposits to ensure every penny is protected.

 

Account opened

Account category

NCUA coverage

Checking (Maria)

Individual

$250,000

Checking (Joe)

Individual

$250,000

Joint checking (Maria and Joe)

Joint

$500,000 ($250,000 each)

IRA (Maria)

Retirement

$250,000

IRA (Joe)

Retirement

$250,000

Total insured by NCUA

 

$1.5 million

That’s just one scenario for maximizing their NCUA coverage. And we didn’t even begin to cover the options that open if Maria and Joe have children or want to open trust accounts.

Keep your money safe at Numerica

Are you looking to maximize the NCUA coverage on your accounts? Maybe you simply want to become a Numerica member and open your first account.

Whatever the case, we’re here for your financial well-being. Give us a call at 800.433.1837 or stop by a branch. Or, if you prefer to plan ahead, schedule a video or in-person appointment today.

Today's Rates

July 13, 2024