| Federal
insurance limits
raised for greater protection
Your
money is now even safer! As part of the Emergency Economic
Stabilization Act of 2008, federal deposit insurance
coverage has been increased from $100,000 to $250,000 per account
effective October 3, 2008.
This
coverage is provided by the National Credit Union Administration,
which is backed by the full faith and credit of the US
Government. This federal deposit insurance fund is equivalent
to the FDIC (Federal Deposit Insurance Corporation) for
banks.
In
addition, IRAs also receive federal insurance to $250,000,
separate from and in addition to coverage on regular
accounts. Plus, for even more protection, members receive
an additional $250,000 in deposit insurance through American
Share Insurance‡, the nation’s largest private
credit union share insurer. This combination of federal
and private coverage for your IRA funds gives you peace
of mind you won’t find at banks or in the stock
market; $500,000 of insured safety.
Should
you withdraw uninsured funds?
If
you have more than $250,000 in your account,
you may think you should withdraw it and deposit
it elsewhere to get insurance coverage on it.
That’s not necessary; you can increase
your coverage by opening new accounts here.
Increasing
your insurance coverage
Simply
put anything over $250,000 in new accounts under
different ownership combinations. For instance,
open one in your name only, another in your spouse’s
name only, another in a joint account and so
on. Each account, as long as the names on the
account are different, is insured separately
by the full faith and credit of the US Government.
See how two adults can get $2 million of coverage,
or parents with two children can protect up to
$3 million in deposits with federal insurance now.
We’re
safe, sound and here to stay
We
never engaged in the high-risk lending practices responsible
for the financial crisis faced by the banking and mortgage
industries. By practicing sound financial management, and prudent
lending policies, credit unions have avoided problems and are
as strong as ever.
For
more information, or to increase your coverage by opening
new accounts, simply call or drop by our office. We’re
here for you.
| Credit
Union again awarded 5-Star Superior rating |
Glendale
City Employees Federal Credit Union has received BauerFinancial’s
highest rating for 72 consecutive quarters. This prestigious
Sustained Superiority Status is earned by fewer than
10% of the nation’s credit unions. To achieve
this honor, the credit union has exhibited the best
in capital adequacy, asset quality and stability for
every quarter over the last 18 years. The credit union’s
current capital ratio exceeds 16%, while banks average
about 10%.
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