Credit Union Safety & Soundness

In light of recent events across the country, we understand you may have questions regarding safety and soundness amongst your chosen financial institutions. We here at MC WV FCU would like to take a moment to offer you peace of mind in knowing that credit unions have always been, and still are, extremely safe and reliable options for your financial needs.

Please be aware, first and foremost, that as a Federal Credit Union, the National Credit Union Share Insurance Fund (NCUSIF), which is supported by the full faith and credit of the United States government, insures your funds with us. In the event of a credit union's failure, members would be repaid up to a minimum of $250,000 per individual depositor. Currently, members of federally insured credit unions have never lost money at federally insured credit unions.

Second, credit unions are subject to strict regulatory scrutiny. They have to abide by the rules established by the National Credit Union Administration (NCUA), an independent agency of the federal government. By keeping an eye on their financial performance, performing audits, and offering advice and support to credit unions, the NCUA strives to safeguard the security and soundness of credit unions.

Last, but certainly not least, credit unions perform under a different business structure than banks. They are not-for-profit organizations, which indicates that their members, not stockholders, own and run them. Credit unions are able to concentrate on the needs and welfare of their members thanks to this structure rather than on making money for shareholders.

If you have any questions or need assistance, please don't hesitate to reach out to a member of our staff. We are always here to help and look forward to serving you.