Connex members can have even more peace of mind that their money is safe and insured by the NCUA…that is the National Credit Union Association.
The government recently increased federal deposit insurance for banks (through the Federal Deposit Insurance Corporation, or FDIC) and they didn’t leave credit unions out! The level of federal insurance for credit union savings went from $100,000 to $250,000. This is in addition to the $250,000 coverage for individual retirement accounts, or IRAs. By the way, this is a temporary increase, taking effect until December 31, 2009.
For more information on this increase and how it can affect you and your credit union deposits, visit our website at www.connexcu.org to chat live with a Member Service Representative or call 1-800-CR-UNION.