Share insurance increases to $250,000

October 6, 2008

Raleigh, NC - The federal government’s recent passage of the Emergency Economic Stabilization Act of 2008 requires the National Credit Union Administration (NCUA) to immediately increase share insurance protection to $250,000 on all types of deposit accounts until December 31, 2009.

Certain retirement accounts were already protected by $250,000 of coverage. These accounts are not affected by the change.

The National Credit Union Share Insurance Fund (NCUSIF) insures your deposits up to $250,000 (and more through multiple account ownership). The NCUA protects members against losses should a federally-insured credit union fail. No insured savings have ever been lost by a member of a federally-insured credit union. Insurance coverage is automatic and provided at no additional cost to you.

LGFCU is updating its published information to reflect the change. The NCUA is also working to update materials included in the Internet Share Insurance Tool Kit on its Web site.

For more information on deposit insurance, visit Safety.

The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of nearly 89 million accounts in all federal credit unions and the overwhelming majority of state-chartered credit unions.