Questions & Answers About LA Financial and Your Account Insurance

Q. How financially secure is LA Financial?
A. Very. In the recent sub prime-lending debacle, we didn’t lose any of our members’ assets as a result of solid lending and underwriting guidelines. Finally, we are adequately capitalized with capital reserves above those required by the NCUA.

Q. What kind of account insurance does LA Financial provide?
A. LA Financial Credit Union deposits are insured up to $250,000 by the National Credit Union Association’s (NCUA) National Credit Union Share Insurance Fund (NCUSIF), which is backed by the U.S. Government. No credit union member has ever lost a dime of federally insured funds.

Q. Is there a way to increase those limits?
A. There are ways in which members may structure their vesting of accounts to maximize insurance coverage. Please refer to the NCUA Share Insurance Brochure or call our special hotline phone number (626) 204-6796 (Monday – Friday 9 a.m. – 4 p.m.).

Q. If I have more than one LA Financial account, are the balances added together in all accounts and insured to $250,000?
A. Yes. A member's individual accounts are added together and are insured to $250,000 (if solely owned by one individual). Traditional IRA, Roth IRA and Keogh accounts are insured separately up to $250,000.

Q. If two or more persons have joint account(s) as well as their individual accounts, is each account separately insured?
A. Yes. A person's interests in joint accounts are insured separately from individual accounts to $250,000 (provided that each person has signed an account signature card and has a right of withdrawal). The interests that a particular co-owner has in all joint accounts are combined and insured to $250,000.

Q. Where can I learn more about NCUA insurance?
A. The "Your Insured Funds Brochure" has a lot of information about your insured funds. If you have any additional questions, please call our special hotline at (626) 204-6796 (Monday – Friday 9 a.m. – 4 p.m.).

Q. What is NCUSIF?
A. Congress established the National Credit Union Share Insurance Fund (NCUSIF) in 1970 to insure member share accounts at all federally chartered credit unions and most state chartered credit unions. NCUSIF insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC). The NCUSIF is managed by NCUA under the direction of the three-person NCUA Board appointed by the President of the United States. Deposits in credit unions are insured to $250,000 by NCUSIF. Like the Federal Deposit Insurance Corporation's (FDIC) Bank Insurance Fund and the Savings Association Insurance Fund, the NCUSIF is backed by the full faith and credit of the United States.