I have been sitting in my cubicle, hearing about how the value of my 401K continues to plummet and reading the twits on my Twitter feed reporting the Dow numbers for the day. It is enough to make my head spin, so instead, I concentrate on work.
But then my colleague Wendi, who is our Ops Manager at the FB Branch, sent me an email letting me know we need to update our intranet to reflect the changes with the NCUA-backed deposit insurance. As I read this info and posted it for staff consumption, I asked myself, “Do our members know about this?” So, for most of the afternoon, I’ve been working on writing this up and posting this on our website. I take comfort in the fact that my funds are safe for certain and I think our members should feel that certainty, too.
This is posted on our website, but in summary, here is the good news. Verity members have always had NCUA-backed insurance on deposits up to $100,000. We also have an additional $250,000 of Excess Share Insurance (provided by Verity via American Share Insurance) for a total of $350,000 per member.
With the passing of The Emergency Economic Act Stabilization Act of 2008 on October 3, 2008, the Standard Maximum Share Insurance Amount (SMSIA) has been increased to $250,000. This coverage applies to all accounts up to $250,000 until December 31, 2009.
Verity members– this means you’ve got $500,000 of share insurance coverage on your Verity accounts.
Right now, credit unions are getting a lot of press and I’m sure it is making bank customers seriously think about their financial options right now. For me, hearing about improvements to services that I’ve been enjoying for years (heck, being reminded of the services that are protecting my money) helps lessen some of the uneasiness recent events in the economy have stirred up.
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