Castparts Credit Union is Financially Strong

Despite the news about financial instability in the banking industry, your Credit Union remains financially strong. We invite you to review the most commonly asked questions.

Commonly asked questions:

• Is my money safe at Castparts Employees Federal Credit Union? Yes. The National Credit Union Share Insurance Fund (NCUSIF) is managed by the National Credit Union Administration (NCUA) and federally insures your accounts to at least $250,000.  IRAs are insured separately up to $250,000.

Note: Effective 10/03/08 through 12/31/13, with the enactment of the Emergency Economic Stabilization Act (HR 1424), each individual account holder is insured up to $250,000 for standard deposit accounts (checking, savings, money market, and certificate accounts) as well as an additional $250,000 for retirement accounts. To learn more on how to maximize your insured deposits, visit ncua.gov.

• Can I increase my coverage? You can increase your insurance coverage by putting money into different ownership types at the Credit Union. To determine how to increase your insurance coverage, click here.
• Is there an easy way to determine if my accounts are federally insured? Yes. To evaluate your personal share insurance coverage, visit the NCUA’s online share insurance estimator.
• Is Castparts Credit Union well capitalized? Yes. At nearly $33 million in assets, Castparts’ capital is approximately 14% of total assets. In dollar terms, that's a capital cushion of nearly $4.6 million dollars. Capital is one of the best indicators of your Credit Union’s financial strength and Castparts CU compares favorably to other financial institutions.
• Does Castparts Credit Union make or invest in sub-prime mortgage loans? No. Castparts Credit Union is not involved with sub-prime lending, either as a lender or as an institutional investor.
• Does Castparts Credit Union have money to loan?  Yes!  We are still lending to our members, and lending responsibly, as always.

In Summary

Our financial strength, strong capital position and government-backed federal share insurance means you can rest easy knowing that your money is safe at Castparts Credit Union. If you have any questions, please call us at 503.771.2464.