Notice of Changes in Temporary NCUA Insurance Coverage for Transaction Accounts
In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, through December 31,2012, all funds in ‘‘noninterest-bearing transaction accounts’’ are insured in full by the National Credit Union Administration. This unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules.
The term ‘‘noninterest-bearing transaction account’’ includes a traditional share draft 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, such as a negotiable order of withdrawal (‘‘NOW’’) account, money-market account, or Interest on Lawyers Trust Account (‘‘IOLTA’’), even if share drafts may be drawn on the account. The temporary full insurance coverage of ‘‘noninterest-bearing transaction accounts’’ expires on December 31, 2012. After December 31, 2012, funds in noninterest-bearing transaction accounts will be insured under the NCUA’s general share
insurance rules, subject to the Standard Maximum Share Insurance Amount of $250,000.
For more information about NCUA insurance coverage of transaction accounts, visit http://www.ncua.gov.
IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT---To help the Government fight the funding of terrorism and money laundering activities, Federal law requires that we obtain, verify and record information that identifies each person who opens an account. To comply with this law, we will ask for your name, address, date of birth and other information to help us positively identify you. We will also ask to see your driver’s license and other identifying documents. Thank you.
Go Direct is a national compaign designed to motivate more Americans to select direct deposit for their Social Security, Supplemental Security Income (SSI) and other federal benefit payments. The U.S. Department of the Treasury and the Federal Reserve Banks are sponsoring the campaign. |