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Great News!
$250,000 Increase in Insurance Extended!
Click here for more information.

The recent turbulent economy has made many consumers worry about the safety of their funds housed in their financial institution. As a GECU member, you can rest assured that your funds are safe and secure. We take pride in being one of the most sound financial institutions in the country and make your interests our number one priority. Our outstanding performance has been recognized by some of the most respected organizations in the industry (see box to right). This includes BauerFinancial Inc. They have, once again, awarded us the 5-Star Superior rating, during a time when many financial institutions have been experiencing losses due to hard economic times.

Not only have we been ranked as one of the top financial institutions in the country, we also take every precaution possible to protect your accounts. This includes being insured by the National Credit Union Administration (NCUA) to offer you security and peace of mind.

What is the NCUA?
The NCUA is a federal government agency that charters and supervises credit unions. It also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the U.S. government, the NCUSIF insures the accounts of all federal credit unions and the majority of state-chartered credit unions. We are one of these state-chartered credit unions insured by the NCUSIF. Not one penny of insured savings has ever been lost by a member of a federally insured credit union.

How are your accounts protected?
Each GECU share account is federally insured to at least $250,000 by the NCUSIF as of October 3, 2008. And, on May 20, 2009, the Helping Families Save Their Homes Act of 2009 was signed into law. This law includes a provision that extends the $250,000 share insurance coverage provided by the NCUSIF, an arm of the NCUA, through December 31, 2013. Previously, this level of coverage was set to expire on December 31, 2009, through the Emergency Economic Stabilization Act of 2008. A "share account" includes all non-IRA deposit accounts for a primary account holder: i.e., savings, checking, money market, club, and share certificate accounts.

Retirement account protection is separate and apart from insurance coverage on other credit union accounts, providing you with additional protection. IRA accounts are insured separately from share accounts up to $250,000.

Members' traditional and Roth IRAs are insured for up to $250,000 "in the aggregate," meaning that if you have more than one IRA account in your name, the total of all the accounts is what is considered.

For example, if you have a regular share account and an IRA, the NCUSIF insures the regular share account for up to $250,000 and the IRA for up to an additional $250,000.

For full details on NCUA protection, please reference their "Your Insured Funds" brochure. The NCUA also provides a Share Insurance Estimator if you would like to calculate the coverage on your accounts.

For more information:
The NCUA has an Insurance Call Center, which is staffed from 8:00 a.m. to 6:00 p.m. (EDT), Monday through Friday. Insurance experts are available to answer questions about NCUSIF coverage provided by the NCUA. The toll-free Insurance Call Center number is: 800.755.1030, ext. 1.

You may also contact the credit union at: 513.243.4328 or 800.542.7093 or by email at: memberservices@gecreditunion.org, to further discuss the safety and security of your funds.

Additional resources:

How Your Accounts are Insured
A summary brochure that provides an overall description of NCUSIF coverage.

Your Insured Funds
A comprehensive brochure containing a detailed discussion of all available types of coverage offered by the NCUSIF. This brochure provides examples illustrating how the coverage actually works in practice.

NCUA Share Insurance Estimator
An online calculator that allows you to input data to compute the amount of NCUSIF coverage available under different types of accounts.

Share Insurance and You
An easy-to-use slide show that will walk you through the basics of share insurance. There are real-world examples to help you understand share insurance coverage.

NCUA Insurance FAQ Sheet
A brief review of some of the most frequently asked questions regarding the NCUSIF.

Source: www.ncua.gov

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