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INew York TimesI notes CUs federal insurance
NEW YORK (10/2/08)--The New York Times recognized the National Credit Union Share Insurance Fund (NCUSIF), which covers federally insured credit unions and most state-chartered credit unions, in an article Wednesday. “Navigating Troubled Times: Answers for Readers” invited readers to ask the newspaper questions about their finances. A member of Florida Telco CU, Jacksonville, asked the Times if his money is safe at the credit union. Another credit union member asked the newspaper if his shares, share drafts, certificates and deposits were safe in a credit union. The member noted that he has used credit unions for banking “because I like the small-town feel of them.” The newspaper responded: “The National Credit Union Administration (NCUA), is the government agency that supervises federal credit unions. The NCUA runs an insurance fund--the NCUSIF--that is backed by the U.S. government.” The Times also noted that the fund covers individual credit union accounts up to $100,000 and joint accounts up to $200,000. The fund also provides $250,000 coverage for retirement accounts.
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