Your deposits at Arsenal Credit Union are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. This amount of coverage is equal to what banks provide through the Federal Deposit Insurance Corporation (FDIC).
NCUA insurance covers all types of deposit accounts at Arsenal – shares/savings, share draft/checking accounts, money market accounts, certificates of deposit (CD) and individual retirement accounts (IRAs). IRAs are separately insured to at least $250,000.
Share insurance coverage protects members against losses if a federally insured credit union should fail. No federal tax dollars have ever been placed in the credit union financial fund, and no member has ever lost money insured by the National Credit Union Share Insurance Fund. NCUA insurance is backed by the full faith and credit of the U.S. government.
Your credit union is one of the best places for you to keep your money because it is safe (federally insured) and accessible, plus you often earn higher interest and dividends than what banks typically pay their customers because of our not-for-profit structure. There is no charge to credit union members for share insurance protection.
NOTICE OF CHANGE IN TEMPORARY NCUA INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a ""noninterest-bearing transaction account" are insured in full by the NCUA through December, 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under NCUA's general share insurance rules.
The term "noninterest-bearing transaction account" includes a traditional share draft/checking account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal ("NOW") account, money market deposit account, and Interest on Lawyers Trust Account ("IOLTA"), even if share drafts/checks may be drawn on the account.
The only noninterest-bearing transaction accounts that Arsenal Credit Union offers are Totally Free Checking accounts and Business Checking 1 accounts.
For more information about temporary NCUA insurance coverage of noninterest-bearing transaction amounts, visit www.ncua.gov.
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