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Your Accounts are Insured up to
$250,000 at Ohio Teamsters Credit Union!
During these uncertain times in the financial
markets, it is important for credit union members to understand
their NCUA-insured shares are backed by the full faith and credit of
the United States Government. NCUA protects members against losses
should a federally insured credit union fail. No member has ever
lost insured funds.
President George W. Bush signed into law the
“Emergency Economic Stabilization Act of 2008” on October 3, 2008,
which temporarily increases federal deposit insurance coverage. The
new law amends the share insurance coverage provided by the National
Credit Union Administration (NCUA) through the National Credit Union
Share Insurance Fund (NCUSIF).
The law increasing insurance coverage became
effective on October 3, 2008, and will remain in place through
December 31, 2009. The new law provides the following:
- An increase in the minimum NCUSIF coverage
from $100,000 to $250,000 on member share accounts. This
includes all account types, such as regular share, share draft,
money market, and certificates of deposit. Individual Retirement
Account and Keogh account coverage remains unchanged at up to
$250,000 separate from other types of accounts owned.
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For additional information,
visit NCUA directly at
www.ncua.gov. |
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