In light of the recent bank failures reported in the news, the Sentinel FCU Team wanted to take the opportunity to address members on how accounts are federally insured and assure the Black Hills community that SFCU is stable, strong, solvent, and well-capitalized.
The National Credit Union Administration, referred to as NCUA, is an independent agency of the U.S. government that regulates, charters, and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Backed by the credit of the U.S. government, the NCUSIF insures the accounts of millions of account holders in all federal credit unions.
Share insurance coverage offered through the NCUSIF protects members against losses. You can confidently join and conduct business with Sentinel FCU which is a federally insured credit union because no member has ever lost a penny from accounts insured by the NCUSIF. Failures are rare because only those with sound operational standards qualify to receive NCUSIF coverage. The NCUA also regularly reviews the operations.
The NCUSIF provides all members of federally insured credit unions with a minimum of $250,000 in coverage. These accounts include regular shares, share drafts (similar to checking), money market accounts, and share certificates. If a person has more than $250,000 at any single credit union, several options are available for additional share insurance coverage because the NCUSIF provides separate insurance for other accounts. This includes joint accounts, retirement accounts, and trust accounts.
Share Insurance Estimator
The NCUA Electronic Share Insurance Estimator is available to help members better understand the protection offered by the NCUSIF. This site allows users to input data to compute the amount of coverage available under different account scenarios. This resource is available at MyCreditUnion.gov/estimator
Sentinel is Safe and Strong
It is important to note that the recent bank failures were due to relatively concentrated customer bases within the tech industry. Sentinel has had a keen focus on financial stability since our inception in 1955. As not-for-profit organization we are led by our members. This brings a culture that solely strives for financial accountability and stability for our members. Sentinel Federal Credit Union is well capitalized. Stronger capital means that more assets are available to cover potential losses. Your money is safe.
Please contact any Sentinel Financial Service Officers for assistance with questions at 605-923-1405 about your account, how it is insured or any other concerns you may have. Like a sentinel keeping guard, our mission is to protect the financial future of our members!
Additional information available at NCUA.org