A Message from Our President and CEO, Chris Loseth
Your money is safe in your credit union!
With the recent headlines regarding the FDIC shuttering three banks, we realize you may have questions about the money you have deposited in your credit union.
Your deposits are federally insured to $250,000 per share owner, per insured credit union, per account ownership category. Please take this opportunity to learn how to maximize your insured deposits.
Unlike for-profit financial institutions, your credit union is a not-for-profit cooperative, owned by you and the other members using our services.
- All decisions about the products and services offered are made in your best interests.
- Our cooperative, not-for-profit structure inherently holds us accountable to you and to the other members. We do not have stockholders. We do not engage in risky practices to meet stockholders’ profit demands.
- Our portfolio is diverse and not dependent on a sole industry. Our services are diverse. We are here for Main Street, not Wall Street.
- We live and work in the communities that we serve, taking local deposits and making local loans.
- We are healthy, strong, safe, local, and focused on building thriving communities.
Your credit union is safe and sound. We exceed the financial standards regulators require for a credit union to be considered well-capitalized.
P1FCU has been proud to serve the communities in Northwest Idaho and the Pacific Northwest for over 85 years in a safe, sound, and responsible manner. We will continue to do so, and thank you for your membership!
Sincerely,
Chris Loseth
President & CEO
Maximize Share Insurance
Enjoy added peace of mind knowing that your deposits are secure.
Enjoy peace of mind knowing that your deposits at P1FCU are federally insured through the National Credit Union Administration (NCUA), a U.S. government agency. A federally insured credit union member has never lost a single penny of insured savings. Each account holder's funds are insured to at least $250,000, and retirement accounts such as Individual Retirement Accounts are separately insured up to $250,000.
You can maximize your share insurance coverage by establishing different types of accounts. The NCUA insures accounts in different ownership categories separately. If your savings exceed the amount covered by the insurance limits, you can extend your NCUA share insurance coverage by having different types of accounts. You can also get up to $250,000 of additional insurance for your interest in joint accounts and trust accounts of which you are a beneficiary. Learn more about P1FCU's finances here or you can click the button below to use the Share Insurance Calculator.
NCUA Insurance Coverage Examples
Here is an examples of how you can get up to $250,000 of additional insurance for your interest in joint accounts and for trust accounts of which you are a beneficiary.
A family of four receives share insurance coverage of $5,500,000
| Individual Accounts | NCUA Coverage |
|---|---|
| Husband | $250,000 |
| Wife |
$250,000
|
| Child #1 |
$250,000
|
| Child #2 |
$250,000
|
| Total |
$1,000,000
|
| Joint Accounts | NCUA Coverage |
|---|---|
| Husband and Wife | $250,000 |
| Husband and Child #1 | $250,000 |
| Wife and Child #2 | $250,000 |
| Child #1 and Child #2 | $250,000 |
| Total |
$1,000,000
|
As in the previous illustration, none of the co-owners has an interest of more than $250,000 in all of the joint accounts, so the total amount held by the each of the co-owners in all of the joint accounts is insured.
| Revocable Trust Account (for Spouse-Child-Grandchild-Parent-Sibling) | NCUA Coverage |
|---|---|
| Husband as Trustee for Wife | $250,000 |
| Wife as Trustee for Husband |
$250,000
|
| Husband as Trustee for Child #1 |
$250,000
|
| Wife as Trustee for Child #1 |
$250,000
|
| Husband as Trustee for Child #2 |
$250,000
|
| Wife as Trustee for Child #2 |
$250,000
|
| Total |
$1,500,000
|
| IRAs | NCUA Coverage |
|---|---|
| Husband | $250,000 |
| Wife |
$250,000
|
| Child #1 |
$250,000
|
| Child #2 |
$250,000
|
| Total |
$1,000,000
|
| Revocable Trust Account | NCUA Coverage |
|---|---|
| Child #1 and Child #2 as trustees for Husband and Wife (e.g. mom and dad) | $1,000,000 |
| Total |
$1,000,000
|
| TOTAL NCUA COVERAGE | $5,500,000 |
|---|