A Message from President and CEO Scott Benson

Safety and Soundness

The media has been filled with news about recent bank failures and events that have caused uncertainty in the financial services markets. I want to take this time to reinforce the safety and stability of TruEnergy Federal Credit Union and our ability to preserve and protect your funds and remind you about what it means to be a credit union member.

Your membership means something. As not-for-profit financial cooperatives, every credit union’s priority is their members – the people who own the credit union.  The bank failures, while having no connection to credit unions, does emphasize how the credit union difference MAKES a difference for members.  When you opened your account, you became an owner of TruEnergy Federal Credit Union. Our priority is and always will be our members’ financial success and security.

As a not-for-profit financial institution, TruEnergy FCU’s profits go back to members in the form of new services, better rates, and lower fees. For almost 85 years, we have continuously served members in a safe and sound manner by investing in their financial well-being while also protecting their funds through the application of rigorous and comprehensive risk management practices.  

We have compiled a list of questions you may have about the credit union difference and TruEnergy FCU’s safety and soundness.


1. Is my money safe at TruEnergy FCU? 

YES. TruEnergy FCU is a strong, stable credit union. We have historically had sound lending practices and sound investments.  We answer to our members and board of directors, not shareholders.

2. Is TruEnergy FCU sound?

Yes, TruEnergy Federal Credit Union is well-capitalized. The Credit Union exceeds the financial standards regulators require for a credit union to be considered well-capitalized. Our net worth remains at well-capitalized levels (a net worth ratio of 7& or higher is considered “well capitalized”), with a net worth ratio of 13.16%. We have consistently maintained healthy levels of capital and liquidity, even through the most challenging of economic times; these levels allow us to absorb any potential losses and meet our obligations to members.

We stand ready to help you achieve your financial needs and answer your questions—as we do every day. Feel free to contact us via email or call (800) 952-3999, Monday through Friday, 7:30 a.m. – 4:00 p.m. ET to speak to a Member Service Representative.

3. Are my funds at TruEnergy FCU insured?

Federally insured credit unions, like TruEnergy FCU, offer a safe place for credit union members to save money. Deposits are protected by the National Credit Union Share Insurance Fund (NCUSIF). All TruEnergy FCU members are insured up to at least $250,000 per individual depositor by the NCUA—the same as any other federally insured institution.

The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

4. What if I have more than $250k at TruEnergy FCU?

If you have more than $250k in deposits and are concerned that your savings may not be fully insured by the NCUA, you can check the Share Insurance Estimator here to understand what is insured and what portion (if any) exceeds coverage limits.

Depending on how your accounts are owned and what types of accounts you have, you can potentially increase the total insurance on your funds to greater than $250,000 through multiple account owners or trusts with beneficiaries.

MyCreditUnion.gov contains more information about the National Credit Union Share Insurance Fund coverage for consumers.

We thank you for your membership.

Where can I read more about this situation?

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