Yes! Sierra Pacific is still federally chartered and insured by the National Credit Union Administration (NCUA), a federal agency. In August of 2023 we dropped the term federal from our common use name, but we remain a federal credit union.
Is Sierra still a Federal Credit Union?
Do I have to opt in or purchase share insurance?
No, members don’t have to pay or do anything to be covered by Sierra’s NCUA and excess share insurance. Qualifying amounts are automatically covered.
Is NCUA insurance per account, or per member?
NCUA deposit insurance covers up to $250,000 per member and ownership type. Individual accounts (savings, checking, money market) are covered for up to $250,000 per member Joint accounts (savings, checking, money market) are covered for up to $250,000 per owner – so an account with $500,000 and two joint owners would be fully insured by […]
What are the NCUA Deposit Insurance Ownership Types?
Sierra is federally insured by the NCUA, which means member deposits are insured for up to $250,000 per member per account ownership type. We also offer Excess Share Insurance, which covers an additional $250,000 on the same guidelines, bringing the total to $500,000 per member and ownership type. So what are the ownership types? This […]