Your Savings are Federally Insured at Northeast Credit Union
Northeast Credit Union is a state chartered, federally insured financial institution which means your savings are insured by the National Credit Union Administration (NCUA), a U.S. Government Agency, for up to $250,000. Most people are familiar with the FDIC, which insures bank deposits. Members of federally insured credit unions, like Northeast Credit Union, also enjoy the same level of protection on their deposits with the NCUA.
·Deposits at Northeast Credit Union are federally insured by a fund that, like the FDIC, is backed by the full faith and credit of the U.S. government.
·As the FDIC does for banks, the National Credit Union Share Insurance Fund (NCUSIF) insures savings of at least up to $250,000 per account (with additional coverage of up to $250,000 for certain retirement accounts). The NCUSIF is administered by the National Credit Union Administration (NCUA), an agency of the federal government.
Northeast Credit Union has complemented the federal share insurance with an additional $250,000. This savings protection is available at no charge on all qualifying accounts through ESI, a private insurer. That could bring your protection up to $500,000. Make sure your accounts are set up so that you can take advantage of this extra protection by contacting us today.
Your deposits are secure with us. Not one penny of insured savings has ever been lost by a member of a federally insured credit union. To learn more about Share Insurance and how we are working with NCUA to protect your deposits, we encourage you to visit any of the links below:
NCUA Share Insurance FAQ - This link covers many of the questions being asked today about share insurance. Click here to see if your question(s) are answered: http://www.ncua.gov/DataApps/Pages/SI-FAQs.aspx
Your Insured Funds - This link is to a 48-page booklet, the purpose of which is to help you understand your share insurance protection. The NCUA is an independent agency of the United States Government. The shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States Government. Click here to find out more:http://www.ncua.gov/Legal/GuidesEtc/GuidesManuals/NCUAYourInsuredFunds.pdf
How Your Accounts are Insured - This link is to an article explaining what the mission of NCUA is, what is NCUSIF is and why it is important, among other items of interest. Click here to find out more: http://www.ncua.gov/Legal/GuidesEtc/GuidesManuals/NCUAYourInsuredFunds.pdf
NCUA Share Insurance Estimator - This link will provide members the ability to map out different scenarios on share insurance coverage and how to best maximize one's coverage. Click here to find out more: http://webapps.ncua.gov/ins/
Here are some important facts about your share insurance provided by the NCUSIF:
·As a member of a federally insured credit union, you do not pay directly for your share insurance protection. Your credit union places a deposit into the NCUSIF and pays an insurance assessment based on the total amount of insured shares and deposits in the credit union. Federally insured credit unions are required to deposit and maintain one percent of their insured shares and deposits in the NCUSIF.
·Share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), $250,000 as of October 3, 2008.
·You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. For example, if you have a regular share account and an Individual Retirement Account (IRA) at the same credit union, the regular share account is insured up to $250,000 and the IRA is separately insured up to $250,000. However, if you have a regular share account, a share certificate, and a share draft account, all in your own name, you will not have additional coverage. Those accounts will be added together and insured up to $250,000 as your individual account. Additionally, shares denominated in foreign currencies are insured as outlined in NCUA Rules and Regulations.
·Additional coverage is available on revocable trust or payable on death accounts on a per beneficiary basis. A co-owner's interest in all joint accounts in the same credit union will be added together and insured up to the SMSIA.
Another valuable resource for our members is the Credit Union National Association (CUNA). Based in Washington, D.C., and Madison, Wisconsin, CUNA is the premier national trade association serving America's credit unions. This not-for-profit trade group is governed by volunteer directors who are elected by their credit union peers. For more information regarding this association visit: http://www.creditunion.coop/
As your trusted neighbor we value your membership and your financial well-being is important to us. If you have any questions regarding your account(s), we encourage you to contact us by calling 1.888.436.1847 and speak to a member service representative. Our goal is to provide you with the service you come to expect from us.
Learn more about National Credit Union Share Insurance Fund by clicking here and watching this video