Additional Information

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Federal Share Insurance: Your Warranty of Safety

Credit unions insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA) are protected by the federal deposit insurance. NCUA is an independent agency of the United States government. Insured credit unions display the NCUA symbol.

Who pays for federal share insurance?

The cost for this important credit union benefit is borne by credit unions. As a member, you do not pay directly for your share insurance protection. Your shares and savings are not only insured by this federal fund, the fund is also fully backed by the U.S. government. Not one penny of insured savings has ever been lost by a member of a federally insured credit union.

How much coverage does each credit union member have?

Share accounts in federally insured credit unions are insured up to $100,000- just as with FDIC coverage at banks. Generally, if a credit union member has more than one individual account in the same insured credit union, those accounts are added together and are insured up to $100,000. Shares maintained in different legal ownership capacities may each be separately insured. There are numerous combinations of accounts, which can increase the total coverage.

Are shares in different credit unions insured separately?

Yes. If a member has accounts in several different insured credit unions, the maximum of $100,000 is applicable to share accounts in each insured credit union. In the case of a credit union having one or more branches, the main office and all branch offices are considered as one credit union.

How are IRAs, Keogh, and Deferred Compensation accounts covered?

With federal share insurance through NCUA, these types of accounts are insured separately up to $250,000 from other accounts that the member maintains at the same credit union.

To learn more about your credit union share insurance and how to maximize your coverage, drop by your credit union or request an informative pamphlet today!

Help us prevent Identity Fraud…

According to the Federal Trade Commission, identity theft is the fastest growing crime in the country. Our ability to feel safe is becoming more difficult with terrorism and crime on a steady increase.

The USA Patriot Act has paved the way for financial institutions to help prevent fraud, identity theft, and the spread of terrorism. It requires financial institutions to obtain more information from an individual or legal entity to help establish identity.

Your cooperation is needed when you open a new account or request a loan. You may be asked more questions to establish and confirm your identity. It may also be required for you to provide one or more forms of identification.

Verified by Visa:

Sequoia Hospital Employees Federal Credit Union is pleased to announce our enrollment in the Verified by Visa program. This system was designed by Visa to make online shopping even more secure.

It’s such an easy way to protect your account. Simply register your card with Visa and create your own unique password. Each time you shop online with a participating merchant you will enter your Verified by Visa password. This service is free to all Visa cardholders. Look for the new Verified by Visa symbol whenever you shop online; it’s your way of knowing that you are shopping with an additional layer of security.

For Your Protection…

Because identity theft is currently the fastest growing crime in the nation, we have developed an Enhanced Login Security system to protect your Online Account information from fraud and internet crimes such as phishing (a prevalent internet crime in which attackers build replicas of web pages as an attempt to trick consumers into revealing their personal information.) We appreciate your membership, and are proud to be able to offer these advanced security features to you free of charge.

Additional layers of protection

Enhanced Login Security has dual functionality:

It displays a security image and a security phrase (selected by you during the enrollment process) at login, so you can be certain you’re accessing our valid site and not being Phished.
It provides additional layers of protection by asking security challenge questions if we have difficulty authenticating your identity or recognizing your computer during login.

These two safeguards work together to provide an additional line of defense against unauthorized access to your account. For more information, please contact the credit union or visit our Frequently Asked Questions section of the Home Banking system. We are pleased to be able to offer this protection, and appreciate your cooperation in the implementation of this security measure. We couldn't do it without you!

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