Your money is safe at The Island. Checking, savings, money market, and certificate accounts at The Island are federally insured to $100,000 by the National Credit Union Administration (NCUA). IRA accounts are insured separately to $250,000 by the NCUA.
Credit Union Safety and Soundness
The recent economic events, including the failure of a large bank in Southern California, find consumers increasingly more concerned about the safety and soundness of their financial institution. Your concerns are fueled daily by media reports that raise alarm. You should be assured that the credit unions nationally, and North Island Credit Union specifically, are safe and strong.
North Island Credit Union has a legacy of stability for over 68 years in the San Diego marketplace. We are designated as well-capitalized by our regulators and have the reserves to weather this current economic environment.
Independent Performance Reviews
We have multiple layers of independent performance review: we are examined by the National Credit Union Administration as overseers of the federal insurance fund, we are also examined by the California Department of Financial Institutions since we are state-chartered, and we annually engage an outside CPA firm to assess accounting practices and report to the volunteer Supervisory Committee as representatives for the membership.
National Credit Union Share Insurance Fund
Member deposits are federally insured by the NCUA, and backed with the full faith and credit of the United States government, just as FDIC covers banks. Taxpayer dollars have never been used to bail out a credit union.
For More Information
These helpful resources contain additional details on your deposit insurance coverage and the stability of the National Credit Union system: