During times of uncertainty, we want to help reassure you that your money is safe and secure with us.
The safest place for your deposits is in a federally insured financial institution like Mayo Employees Federal Credit Union (MEFCU). We’re federally insured by the National Credit Union Administration (NCUA) through the Share Insurance Fund. Through this fund, accounts are insured to at least $250,000 and backed by the full faith and credit of the United States Government. The Share Insurance Fund separately protects Individual Retirement Accounts up to $250,000. For accounts that exceed $250,000, MEFCU provides an additional deposit insurance of $75,000 from Excess Share Insurance (ESI), the nation's largest private deposit insurer, at no cost to members. Over 95% of total member deposits with MEFCU are fully insured by NCUA and ESI.
The NCUA categorized MEFCU as “well capitalized” under their regulatory framework. In addition, BauerFinancial, Inc., an independent financial institution research firm, has given MEFCU a Five Star ranking - the highest rating possible - for over 31 consecutive years. MEFCU is in a strong financial position and management and the volunteer board actively review and assess risks to ensure that MEFCU will remain financial stable.
Nation-wide, members have never lost even a penny of insured savings at any federally insured credit union, and you can rest assured that your deposits remain safe and secure at MEFCU.