Now that we’ve gotten the short answer out of the way, we’ll expound a bit. You’ve probably heard of the FDIC. Well, the NCUA is similar. It stands for National Credit Union Administration, and it is backed by the federal government. What it means for you is that your accounts are insured for up to $250,000 per qualifying account.
But Avadian goes one step further – and it’s a pretty big step if we do say so ourselves. Avadian is one of a few credit unions in the state to carry additional deposit insurance through Excess Share Insurance Corporation, a licensed insurance company. No banks offer extra deposit insurance. Through it, all deposit account relationships are insured up to an additional $250,000. All of this insurance is available without any additional cost to you.
But you don’t have to take our word for it. BauerFinancial, the nation’s premier bank and credit union ranking firm, has awarded Avadian its “superior” five-star rating for excellence in capital adequacy, profitability, and asset quality – for 10 consecutive years.
NOTE: This entry is adapted from an e-book we wrote on the difference between credit unions and banks. You can download the full e-book here.