Article | April 21, 2023

Credit Unions: A Safe, Secure Place for Your Money

Safety & Protection

Golden 1 Headquarters

Credit unions provide millions of Americans a safe place to keep their money and a supportive system to grow their finances. What makes the nation’s federally insured financial institutions the safest places to keep your money?

Insured Deposits

More than 91 percent of all share deposits are currently federally insured through the National Credit Union Administration (NCUA), and no one has ever lost a single penny of insured share deposits within the credit union system.

Through its share insurance fund, the NCUA provides credit union members with at least $250,000 in coverage for their accounts. These include savings, checking, money market, and term-savings certificates.

If you have a joint account owned by two or more people, the NCUA provides each joint account holder with at least $250,000 in coverage, which means a two-person joint account has at least $500,000 in coverage.

IRA retirement accounts are also insured separately for up to $250,000. Additional NCUA share insurance may be available for members with certain kinds of trust and retirement accounts. To determine your total level of coverage, you can use the insurance estimator.

Not-for-Profit Status

In addition to being federally backed, credit unions are a safe, reliable place for your money because they are not-for-profit. Credit unions are able to focus on their members’ financial wellbeing.

Golden 1 Credit Union, for example, is owned and controlled by members who use our services. We answer to our members, not to outside shareholders. Because of this member focus, we are able to provide higher savings rates, lower loan rates, and lower fees; prioritize exceptional member service; and give members a share of our profits.

Solid Financial Standing

One of our core values at Golden 1 is reliability. We strive to ensure that Golden 1 members can rely on our financial strength and security. We operate to ensure long-term financial security that results in a position of financial strength. This approach has garnered tremendous growth.
We take this responsibility very seriously and employ prudent risk management practices in our decision-making, including diversification of our portfolios.

During the past 20 years, our members have helped Golden 1 steadily grow from $1 billion in assets to nearly $20 billion, making us the seventh-largest credit union in the country. Our membership has also grown dramatically over the years; today, we are proud to serve more than 1.1 million Californians. And, as we’ve grown, we’ve continually found ways to show our appreciation for our members, including distributing multi-million-dollar member givebacks in appreciation of members’ trust and loyalty.

Choosing who to trust with your hard-earned money is a very personal decision.

For 90 years, Golden 1 has been a safe haven for our members' money and a trusted partner for the financial products and services they need. We’re honored to serve you and to ensure your money is safe and your financial goals are supported.