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Safety & Soundness at Kinecta

Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.

Kinecta remains fiscally sound during these turbulent times.
People depend on the security of their financial institutions. During these challenging times in particular, we want you to know your assets are protected at Kinecta Federal Credit Union. Member shares are insured by the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. A credit union approved for NCUA share insurance must meet high standards of safety and soundness in its operation. As one of the largest credit unions in California and the nation, Kinecta meets these standards.

Kinecta continues to have a strong capital position, with a ratio at 8.04% as of June 30, 2008. That is well above the NCUA guideline of 7.00% for a well-capitalized credit union, and the FDIC guideline of 6.00% for a well-capitalized bank. » Click here to view Kinecta's Annual Report.

FDIC and NCUA: What’s the difference?
FDIC: Federal Deposit Insurance Corporation is a United States Government Corporation that provides deposit insurance, which guarantees checking and savings deposit accounts in member banks and thrifts.
NCUA: National Credit Union Administration is the United States independent federal agency that insures checking and savings deposits (this includes share certificates, and Individual Retirement Accounts) in federal and most state-chartered credit unions through the National Credit Union Share Insurance Fund (NCUSIF) - a federal fund backed by the full faith and credit of the United States.

Share Insurance

Passage of the Emergency Economic Stabilization Act of 2008 increases National Credit Union Administration (NCUA) coverage from $100,000 to $250,000.

Schedule a Financial Review
We encourage you to schedule a meeting with your local Kinecta branch manager to conduct a financial review of your coverage. 

Resources 
The NCUA has a content-rich Web site that has a wealth of information for Credit Unions and consumers. On the Web site, they offer a Share Insurance Estimator, which serves to help consumers understand their share insurance protection. The Share Insurance Estimator can be found at http://webapps.ncua.gov/Ins. Or go to www.ncua.gov and click on Resources for Consumers, and then Share Insurance Estimator. The NCUA also provides a brochure on Insured Funds, which details share Insurance coverage. Click here.

This temporary increase is in effect from Oct. 3, 2008, until Dec. 31, 2009 and means that both the FDIC and the NCUA insure up to $250,000 per depositor and up to $250,000 for an IRA. It is important to keep in mind that your funds can be insured to even more than $250,000, depending on how you establish your accounts. For instance,  beneficiaries are insured separately on jointly owned accounts up to $250,000 per beneficiary. IRAs (individual retirement and Keogh accounts) are separately insured up to $250,000.

Another recent development adopted by the NCUA Board simplifies the rules for determining the coverage available on revocable trust accounts – commonly called payable-on-death accounts or living trust accounts. Previously, a beneficiary had to be an immediate family member or spouse. Under the new rules, there is no requirement for the beneficiary to have a familial relationship.

The Credit Union Difference
» Click here to learn more