(UPDATED) You might not know it from most media reports, but one of the changes to the revised $700 billion bailout plan not only increases the insurance for FDIC-insured banks, but also for NCUA-insured credit unions temporarily raising federal credit union share insurance from $100,000 to $250,000.
"Passage of the Emergency Economic Stabilization Act of 2008 will require NCUA to immedi
ately increase share insurance protection to $250,000 on all types of accounts until December 31, 2009."
ASI, American Share Insurance, for state-chartered credit unions, already insures to $250,000
per account. So if you have multiple accounts, each account has separate insurance. "An alternative to federal deposit insurance for state-chartered credit unions. ASI insures each account of a credit union member to $250,000, without limit to the number of accounts a member may have."
If you are unsure how your credit union deposits are insured, check your credit union's website. There is usually a logo towards the bottom if the home page.
While credit unions are faring much better than banks these days, the share insurance increase for federal credit unions is part of the revised bailout plan. Check back for more updates as the U.S. House of Representatives continues to debate the plan. The House passed the bailout plan on Friday, October 3, 2008.
images/.png" width="200" border="0" alt="$700 Billion Bailout Plan Includes Credit Union Share Insurance Increase - October 02, 2008" title="$700 Billion Bailout Plan Includes Credit Union Share Insurance Increase - October 02, 2008" align="left" class="newsimage" />(UPDATED) You might not know it from most media reports, but one of the changes to the revised $700 billion bailout plan not only increases the insurance for FDIC-insured banks, but also for NCUA-insured credit unions temporarily raising federal credit union share insurance from $100,000 to $250,000.
"Passage of the Emergency Economic Stabilization Act of 2008 will require NCUA to immedi
ately increase share insurance protection to $250,000 on all types of accounts until December 31, 2009."
ASI, American Share Insurance, for state-chartered credit unions, already insures to $250,000
. So if you have multiple accounts, each account has separate insurance. "An alternative to federal deposit insurance for state-chartered credit unions. ASI insures each account of a credit union member to $250,000, without limit to the number of accounts a member may have."
If you are unsure how your credit union deposits are insured, check your credit union's website. There is usually a logo towards the bottom if the home page.
While credit unions are faring much better than banks these days, the share insurance increase for federal credit unions is part of the revised bailout plan. Check back for more updates as the U.S. House of Representatives continues to debate the plan. The House passed the bailout plan on Friday, October 3, 2008.
