Because your money is deposited at cPort, it’s safely backed by the U.S. government. More specifically, it’s insured by the National Credit Union Share Insurance Fund. This reserve was created by Congress in 1970 and insures millions of account holders in credit unions like cPort. The NCUA (National Credit Union Administration) is the independent federal agency that manages the share insurance fund. The FDIC (Federal Deposit Insurance Corporation) is the government agency that manages banks. Both the FDIC and NCUA protect up to $250,000 per account holder, per institution.
NCUA insures all types of accounts we have at cPort including Share Drafts, Share Certificates, Money Market Accounts, Retirement Accounts, and Trust Accounts. If an account happens to have more than $250,000, options are available for additional share insurance coverage depending on the account ownership type.
In the 100 years Credit Unions have existed, not one penny of any insured funds has been lost. cPort Credit Union is one of the soundest financial institutions in the state of Maine. You can trust in the strength of the U.S. government, which guarantees your money is safe.