Paul Sanchez
Truliant Federal Credit Union is a not-for-profit financial institution that is owned and controlled by its members. It offers financial services such as checking, savings accounts, loans, and credit cards, with the goal of serving its members' financial needs. Credit unions, including Truliant, are not insured by the FDIC like big banks. However, Truliant's deposits are insured by the National Credit Union Administration (NCUA), which provides the same level of coverage and insurance for money deposited into credit unions as the FDIC does for larger banks.
| Characteristics | Values |
|---|---|
| Insurance provider | National Credit Union Administration (NCUA) |
| Insurance amount | Up to $250,000 per account |
| Insured by FDIC | No |
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What You'll Learn
Truliant Federal Credit Union is insured by the National Credit Union Administration (NCUA)
Truliant Federal Credit Union has been in operation since 1952, with the goal of improving the lives of its members by putting them first. With more than 300,000 members and 36 branches across the Carolinas and Virginia, Truliant is committed to providing straightforward financial solutions and excellent service.
As a credit union, Truliant is owned and controlled by its members, focusing on serving their financial needs rather than maximising profits. Credit unions are known for their philosophy of ""people helping people," and Truliant embodies this by offering honest, personalised advice, higher savings rates, and lower loan rates.
Truliant offers a range of financial services, including checking and savings accounts, loans, credit cards, retirement investments, and mortgages. Members can also take advantage of online banking, mobile banking, and financial planning services.
With NCUA insurance, members of Truliant Federal Credit Union can have peace of mind knowing that their deposits are insured and their financial interests are protected. This insurance coverage ensures that members' money is safe and secure, even in the event of financial institution failure.
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NCUA insurance covers up to $250,000 per account
Truliant Federal Credit Union is insured by the National Credit Union Administration (NCUA), which provides coverage and insurance for money deposited into credit unions. NCUA insurance covers up to $250,000 per account. This means that Truliant members can rest assured that their deposits are protected and insured by the NCUA.
The NCUA is a federal agency that supervises and insures credit unions across the United States. It was created to ensure the safety and soundness of credit unions and protect members' deposits. The NCUA is backed by the full faith and credit of the United States government, which guarantees the availability of funds to cover insured accounts.
NCUA insurance covers member deposits in a variety of accounts, including checking, savings, and money market accounts, as well as certificates of deposit (CDs). Each of these accounts is insured up to the standard maximum deposit insurance amount of $250,000. This coverage applies per insured credit union, meaning that if a member has accounts across multiple credit unions, each institution's coverage limit is separate.
The $250,000 coverage limit is an aggregate amount that includes the total of all deposits across the different categories of ownership in the same credit union. These categories include single ownership accounts, joint ownership accounts, certain retirement accounts, and trust accounts. For example, a member could have up to $250,000 in a single ownership account and another $250,000 in a joint ownership account, both insured separately.
It is important to note that not all types of accounts are covered by NCUA insurance. For instance, securities, mutual funds, and other investment products held in a credit union brokerage account are typically not insured. Additionally, money invested in credit union insurance products, such as life insurance policies or fixed annuities, is generally not covered by NCUA insurance. However, members can often purchase additional insurance or seek alternative coverage options for these types of accounts.
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Truliant members can access insurance services for auto, homeowners, and life
Truliant Federal Credit Union is a financial cooperative that provides banking services to its members. Credit unions, like Truliant, are known for offering lower rates on loans and higher rates on deposit accounts compared to traditional banks. This is because they are not-for-profit organisations, meaning money made is invested back into the community.
Truliant Insurance offers a range of personal and business insurance solutions to protect your lifestyle and family. For auto insurance, they partner with multiple A-rated insurance providers to offer competitive rates and coverage options. Their dedicated agents work closely with members to understand their unique needs and guide them through the process of choosing the right policy.
Homeowners insurance from Truliant provides coverage for personal property, including the contents of your home and other personal items. It also offers additional living expense coverage if your home becomes temporarily uninhabitable due to unexpected events like fires or storms.
By bundling your home and auto insurance with Truliant, members can save money with multi-policy discounts and enjoy the convenience of having all their insurance needs met under one roof.
Truliant members can also access financial planning services, including retirement and investment advice, through Truliant Financial Advisors, leveraging their extensive experience in the financial planning field.
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Credit unions are not insured by the FDIC
Credit unions, including Truliant Federal Credit Union, are not insured by the Federal Deposit Insurance Corporation (FDIC). Instead, they are insured by the National Credit Union Administration (NCUA), which is a separate entity that functions similarly to the FDIC. The NCUA provides the same level of coverage and protection for credit unions that the FDIC provides for larger banks. It insures up to $250,000 per individual per account category held at a specific credit union. For joint accounts, the NCUA insures up to $250,000 per individual, resulting in a total of $500,000 in insurance coverage for the account.
The NCUA insurance covers members' accounts at federally insured credit unions, including principal and any posted dividends, up to the insurance limit. This coverage also extends to non-member deposits when permitted by law. It is important to note that the NCUA does not insure all types of investments or insurance products, such as money invested in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities. Additionally, safe deposit boxes and their contents are not insured by the NCUA.
Credit unions are financial cooperatives that provide banking services to their members. They are known for offering lower fees and more competitive rates compared to traditional banks. Credit unions are not-for-profit organizations, which means that any profits made are reinvested back into the community. As a result, they often offer lower rates on loans and higher rates on deposit accounts.
While credit unions are not insured by the FDIC, they still offer strong protection for their members' deposits through the NCUA. This federal government-backed insurance provides peace of mind and security for individuals choosing to bank with credit unions. It is always a good idea to verify that the specific credit union you are considering is indeed insured by the NCUA to ensure your deposits are protected.
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Truliant has been operating since 1952
Truliant Federal Credit Union has been operating since 1952. As a credit union, it is a not-for-profit financial institution owned and controlled by its members. Credit unions are formed by corporations and organizations and exist to help members achieve their dreams. Truliant has over 300,000 members and 36 branches in the Carolinas and Virginia.
Truliant offers a range of financial services, including checking, savings accounts, loans, credit cards, investments, financial advice, online banking, mortgage loans, auto loans, home equity loans, and more. They provide honest, personalized advice to make members' financial futures brighter, with higher savings rates and lower loan rates than traditional banks.
One of the key advantages of credit unions like Truliant is that they are not-for-profit, meaning any money made is invested back into the community through products and services that members need. As a result, credit unions can usually offer lower rates on loans and higher rates on deposit accounts. Truliant also offers the convenience of depositing checks with your phone, checking and managing account balances, and applying for loans through its mobile app.
Truliant has been able to thrive for over 70 years, serving its members and putting their needs first. With more than 50 years of experience in the financial planning and investment field, Truliant can assist members with retirement, insurance, and investments through Truliant Financial Advisors. Truliant also provides free auto, homeowner's, and life insurance quotes through Truliant Insurance Services.
In summary, Truliant Federal Credit Union has a long history of serving its members and providing financial solutions to improve their lives. With a focus on community and member-centric values, Truliant has established itself as a trusted and reliable financial institution.
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Frequently asked questions
Yes, Truliant Federal Credit Union is insured by the National Credit Union Administration (NCUA).
The NCUA provides the same amount of coverage and insurance for money deposited into credit unions, including Truliant Federal Credit Union, as the FDIC provides for larger banks.
All deposit accounts are federally insured by the NCUA for up to $250,000 per account.
Truliant Federal Credit Union is not insured by the Federal Deposit Insurance Corporation (FDIC).
