ALEXANDRIA, Va. (2/4/14)--Insurance coverage for the many types of member accounts offered at credit unions is outlined in the latest edition of the National Credit Union Administration's Your Insured Funds booklet.
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"It's important that credit union members understand what their federal insurance coverage is for the various types of accounts offered at our nation's credit unions," NCUA Consumer Protection Director Gail Laster said. "Using the information in this updated booklet, consumers will be able to make better decisions about their money and learn more about how their checking, share, trust and retirement accounts are insured," she added.
The agency in a release reminded that the National Credit Union Share Insurance Fund insures member accounts up to $250,000. "No member of a federally insured credit union has ever lost a penny of shares insured by NCUA," the NCUA said.
Printed and pdf versions of the booklet are available. The NCUA in the booklet said credit union members can contact their federally insured credit unions or the agency's Office of Consumer Protection for further share insurance coverage details about situations not addressed in the booklet.
For the booklet, use the resource link.