Your Funds are Federally Insured
Message From HFDFCU CEO
We know you’re hearing about recent bank failures and media coverage of the overall banking industry and you may be wondering about your savings with our credit union.
It’s important that you hear directly from us: HFDFCU’s operation, financial position, and member funds are safe and secure. HFDFCU is well-capitalized with a strong cash position.
Member deposits are backed by the full faith and credit of the United States government with federally insured share savings insurance, providing insurance to at least $250,000 per member. Higher coverage may also be available through the same federal share savings insurance, which can be calculated based on the ownership status of your individual account. Calculate your own federal share savings insurance at: mycreditunion.gov/insurance-estimator.
Members can be confident that, like all other credit unions, HFDFCU is built on a fundamentally different operating model than the model used by most banks. Evident in this unique credit union operating model is that accountholders (members) are a credit union’s shareholders. This means, a credit union’s entire focus is prioritizing members overall by helping members deposit or borrow funds.
Bank operating models split that focus, providing products and services to their accountholders (customers) while having to focus separately on delivering returns to outside shareholders.
Credit unions like HFDFCU were built to help Americans in need. The credit union operating model was begun in the early 1930s as a direct response to helping everyday Americans in the midst of the great depression. A more modern example is described in a CNBC article from 2021, which said “Despite the pandemic and [2021] recession, credit union asset quality improved during the year.”
Because HFDFCU is solely member-focused, we manage our products, services, and member funds prudently and conservatively with long-term financial stability as our guiding principle. This principle builds on and is the reason we are Hawaii’s 11th oldest credit union, serving Hawaii’s firefighters continuously for more than 85 years.
We understand the faith and trust members place in us. Our goals will always focus on building long-term relationships to help our members – and this focus will be the same in 2023 as it has been in our previous 86 years of service.
Mahalo for your continued trust in HFDFCU and for being a member!
Guy Usui
Chief Executive Officer
The National Credit Union Administration (NCUA) is the credit union counterpart to the banks' Federal Deposit Insurance Corporation (FDIC). Both NCUA and FDIC are independent agencies of the United States government set-up to oversee, regulate, and insure the operations of the financial institutions assigned to them.
Many resources explain NCUA's insurance fund. One such explainer from Experian is easy to follow; click the link to see what Experian says. Experian: "Personal Finance: How NCUA Insurance Works".
Share insurance coverage offered through the NCUA's insurance fund protects members against losses if a federally insured credit union should fail. This means members can confidently join and conduct business with federally insured credit unions because no member has ever lost a penny from accounts insured by NCUA's insurance fund.
Member funds in Share Draft Checking Accounts, Individual Retirement Accounts (IRAs), and all types of Share Savings Account such as Membership Savings, Certificate Accounts, Super Savings, Holiday Club Savings, 9-1-1 Savings, and Keiki Savings Accounts, are insured to at least $250,000.
It's simple: Federal insurance can exceed $250,000 for accounts depending on ownership status, account beneficiaries listed, or the type of account. For example, an account with multiple (joint) owners can increase coverage above $250,000; Likewise, an account in Trust or with beneficiaries listed can increase coverage above $250,000.
NCUA offers an online insurance estimator that helps members understand the true potential of federal insurance depending on account circumstances. View NCUA's Share Insurance Estimator.
NCUA also offers a brochure that explains NCUA's insurance fund and the different ways account insurance coverage can exceed $250,000. How Your Accounts Are Federally Insurance" brochure.
Serving Hawaii’s Bravest Since 1937
For generations, Honolulu Fire Department Federal Credit Union has stood alongside Hawaii’s firefighters and their families—providing the financial tools, guidance, and support they need both on and off duty. As a member-owned credit union, we’re committed to protecting your financial future with the same dedication you bring to protecting our community.