![]() ![]() In other words, your credit union deposits are more secure than ever. A Money Market account is perfect for short-to medium-term savings goals. The NCUA, which regulates all credit unions, believes that this capitalization makes the credit union deposit insurance fund stronger than the FDIC banking fund. Were empowering everyone to truly understand why credit unions are the best option in the financial services space and what it means to be a credit union. It’s different from our regular savings account, because with a Cornerstone Money Market account, the higher your balance, the higher the rate of interest will be (with regular savings, the rate is the same regardless of your balance). The Union provides financial solutions such as saving and checking accounts, loans. ![]() Not only that, the 1 percent deposit is treated as an asset, whereas premiums are treated as an expense. Cornerstone Financial Credit Union operates as a financial cooperative. There is no need to "strengthen" the fund. This is known as "capitalization" of the fund.Ĭapitalizing the NCUSIF in this way has eliminated the need for credit unions to strengthen the fund by paying costly premiums twice a year. This account keeps things simple - no checks, no complicated pricing structure and no minimum balance. Fresh Start checking is a certified account 1 designed to offer a safe and affordable home for your money. If we do not, we may be forced to add collateral insurance which will increase your. Please ensure that we have a copy of your current insurance coverage on file. Banks and savings institutions are similarly insured by the Federal Deposit Insurance Corporation (FDIC).Īlthough the NCUSIF is comparable to the FDIC in its function, it differs in one important fact: all federally insured credit unions have made a one-time deposit of 1 percent of their insured balances into the NCUSIF fund. A fresh start brings with it reinvigoration and a chance to start over, especially when you might be starting over after a setback. Cornerstone Financial Credit Union is a full-service financial institution in Middle Tennessee, with branches in Franklin, Nashville, Dickson, Clarksville. Cornerstone requires full comprehensive and collision insurance coverage on all vehicles we finance for the full term of the loan, including physical damage, fire and theft insurance. Did you know that your CSCCU funds are insured? The National Credit Union Administration (NCUA), a federal government agency, insures each account up to $250,000 through the National Credit Union Share Insurance Fund (NCUSIF). ![]()
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