Jeffrey Wade
Arsenal Credit Union (ACU) is a local, not-for-profit, federally insured financial institution in Swansea, Illinois, that provides financial products and services to people who live and work in the St. Louis metropolitan area. ACU is structured as a not-for-profit organization and shares its net earnings with its members in the form of better rates and fewer/lower fees. Member deposits are federally insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency.
| Characteristics | Values |
|---|---|
| Type of institution | Credit Union |
| Location | St. Louis, Missouri |
| Membership | Open to those who live or work in St. Louis County, Jefferson County, Franklin County, Washington County, St. Francois County, and Ste. Genevieve County in Missouri. Membership is also offered in Illinois for those who live or work in specific counties and ZIP codes. Membership is also extended to relatives of current members and employees of the NGA and the Department of Veterans Affairs. |
| Services | Loans, deposit accounts, convenience services, investment services, retirement planning, insurance, and college savings. |
| Number of Branches | 4-5 |
| Headquarters | Arnold, Missouri |
| Number of Members | 32,000 |
| Insurance | Federally insured by the National Credit Union Administration (NCUA) up to $250,000. |
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What You'll Learn
Arsenal Credit Union is federally insured
Arsenal Credit Union (ACU) is a federally insured financial institution based in St. Louis, Missouri. ACU provides financial products and services to people who live and work in the St. Louis metropolitan area, including those employed by or retired from the National Geospatial-Intelligence Agency (NGA) and the Department of Veterans Affairs.
As a credit union, ACU is structured as a not-for-profit organization, sharing its net earnings with its members through better rates and lower fees. Member deposits are federally insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. This insurance coverage is automatic and provided by the National Credit Union Share Insurance Fund, established by Congress in 1970. The insurance fund is similar to deposit insurance provided by the Federal Deposit Insurance Corporation and is backed by the full faith and credit of the United States.
The NCUA requires federally insured credit unions to prominently display the official insurance sign at each teller station, in all branches, and on their websites. Members can also use the NCUA's Share Insurance Estimator to calculate their insurance coverage. It is important to note that credit unions must notify their members before ending federal insurance coverage.
In addition to its financial offerings, ACU is committed to community involvement and support. Since 2020, the credit union has awarded grants to nonprofit organizations serving the communities in which ACU operates. ACU has also partnered with the Arnold Food Pantry for initiatives like the Cozy Community Coat Drive.
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Member deposits insured up to $250,000
Arsenal Credit Union (ACU) is a not-for-profit financial institution that provides financial products and services to people in the St. Louis metropolitan area. ACU is a member of the Credit Union Shared Branch network, which allows members to access their accounts at over 70 other credit union branches in the St. Louis area and more than 5,800 nationwide.
Member deposits at Arsenal Credit Union are federally insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. This insurance is provided by the National Credit Union Share Insurance Fund, which was established by Congress in 1970 to insure member share accounts at federally-insured credit unions. The insurance coverage is automatic and provided when individuals join the credit union.
The Share Insurance Fund covers individual accounts, joint accounts, and retirement accounts up to $250,000. It also covers irrevocable trust accounts, where each named beneficiary is insured up to $250,000, subject to specific limitations and requirements. Members can use the NCUA's Share Insurance Estimator to calculate the amount of coverage their insured funds have at a federally insured credit union.
The NCUA requires all federally insured credit unions to display the official insurance sign at each teller station, where insured deposits are normally received, and on their websites. This ensures that members can easily identify that their credit union is federally insured.
With member deposits insured up to $250,000, individuals can have peace of mind that their funds are protected when banking with Arsenal Credit Union. This federal insurance demonstrates the credit union's commitment to safeguarding its members' finances, providing an extra layer of security for their hard-earned money.
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National Credit Union Administration (NCUA)
The National Credit Union Administration (NCUA) is an independent federal agency that was created by the United States Congress in 1970 to regulate, charter, and supervise federal credit unions. The NCUA is a government-backed insurer of credit unions in the United States, providing deposit insurance to depositors in U.S. depository institutions. It operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of over 124 million account holders in federal credit unions and most state-chartered credit unions. The NCUSIF was established to insure members' deposits in federally insured credit unions, with the NCUA's standard minimum share insurance amount set at $250,000.
The NCUA is one of two agencies that provide deposit insurance, the other being the Federal Deposit Insurance Corporation (FDIC), which focuses on commercial banks and savings institutions. The NCUA also operates three other funds: the NCUA Operating Fund, the Central Liquidity Facility (CLF), and the Community Development Revolving Loan Fund (CDRLF). The CLF was established in 1979 as the lender of last resort for all credit unions.
To protect against the failure of credit unions, the NCUA implemented a 12-month examination cycle for federally insured credit unions to identify problems early on. By 2009, over 96% of credit unions met the "well capitalized" statutory definition. The NCUA's goals for 2021 and beyond include advancing economic equity and justice within the credit union movement, enhancing support for minority depository institutions, ensuring fair lending practices, and addressing future challenges like climate change.
Federally insured credit unions offer a secure option for individuals to save their money, with deposits insured for up to at least $250,000 per individual. These credit unions have seen significant growth in recent years, with total assets, membership, net worth, loans outstanding, and insured shares and deposits all increasing as of the fourth quarter of 2024.
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Share Insurance Fund
The National Credit Union Share Insurance Fund, often referred to as the NCUSIF or simply the Share Insurance Fund, was established by Congress in 1970 to provide deposit insurance to protect the accounts of credit union members at federally insured institutions in the United States. The fund is administered by the National Credit Union Administration (NCUA), an independent federal financial regulator.
The Share Insurance Fund insures individual accounts up to $250,000. Additionally, a member’s interest in all joint accounts combined is insured up to $250,000. The fund also separately protects members’ IRA and KEOGH retirement accounts up to $250,000 and provides additional coverage for members’ trust accounts. The fund is backed by the full faith and credit of the United States government, and credit union members have never lost any insured savings.
NCUA insurance covers all types of member shares received by a credit union, including share draft accounts (or "checking accounts"), share savings that can be added to or withdrawn from at any time, "money market share" accounts, share certificates (CDs), and outstanding cashier's checks, interest checks, and other negotiable instruments drawn on the accounts of the credit union. The NCUA publishes resources to help consumers understand their insurance coverage, including the Share Insurance Estimator, an interactive site that allows users to calculate their insurance coverage under different account scenarios.
The Share Insurance Fund is funded entirely by participating credit unions, with each federal credit union contributing one percent of insured shares. As of December 2016, the fund insured an estimated $1 trillion in member shares in more than 5,800 federally insured credit unions.
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Federally insured credit unions must display the official NCUA sign
Arsenal Credit Union is a federally insured financial institution based in St. Louis, Missouri, with branches in Illinois. Member deposits are insured by the National Credit Union Administration (NCUA), a U.S. government agency. The NCUA provides insurance coverage for member share accounts at federally insured credit unions, similar to the Federal Deposit Insurance Corporation's deposit insurance. This insurance is automatic for members of federally insured credit unions, and it covers individual accounts up to $250,000.
Federally insured credit unions, such as Arsenal Credit Union, are required to prominently display the official NCUA insurance sign at each teller station and branch. This includes their principal place of business and all locations where they accept share deposits or open accounts. The official sign must also be displayed on their website. The NCUA's regulations ensure that members can easily identify federally insured credit unions and feel confident that their deposits are protected.
The NCUA's official sign serves as a visual assurance of federal insurance protection. It reassures members that their funds are safe and protected by the full faith and credit of the United States. By displaying the sign, credit unions communicate their commitment to safeguarding their members' financial interests. This visual indicator helps members distinguish between federally insured and non-federally insured credit unions, allowing them to make informed decisions about their financial choices.
The NCUA sign is a symbol of trust and security. It signifies that the credit union meets the stringent requirements set by the NCUA for federal insurance coverage. This includes compliance with safety and soundness standards, as well as adherence to regulations aimed at protecting members' funds. The presence of the official sign at teller stations and branches reinforces the credit union's dedication to providing a secure financial environment for its members.
In addition to displaying the official sign, federally insured credit unions like Arsenal Credit Union offer members tools to calculate their insurance coverage. The NCUA provides the Share Insurance Estimator on its consumer website, MyCreditUnion.gov, enabling members to determine the extent of their insured funds. This transparency empowers members to understand their protection and make informed financial decisions, further enhancing trust in the credit union's services.
By mandating the display of the official NCUA sign, federally insured credit unions provide visual assurance of their members' protection. This simple yet effective measure ensures that individuals can readily identify institutions backed by federal insurance. As a result, members can transact with confidence, knowing that their deposits are secure and guaranteed by the full faith and credit of the United States government. This requirement plays a pivotal role in fostering trust and confidence in the financial system.
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Frequently asked questions
Yes, Arsenal Credit Union is a federally insured financial institution. Member deposits are federally insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency.
All federally insured credit unions must display the official NCUA insurance sign at each teller station, in all branches, on their website, and where they accept share deposits or open accounts. Members can also use the NCUA's Credit Union Locator tool to confirm their credit union's federal insurance status.
Share insurance covers many types of share deposits, including deposits in a share draft account, share savings account, or time deposit such as a share certificate. It also covers retirement accounts, such as IRAs and KEOGH accounts, which are insured up to $250,000.
