|
Home |
|
1451 S. Seaside Ave |
|
|
| Share Drafts/ATM | ||
| Your Share Insurance Information |
|
NCUA Assumes Control of U.S. Central and Western Federal Corporate Credit Unions On March 20th the National Credit Union Administration (NCUA) announced that they have assumed control of two corporate credit unions – U.S. Central and Western Corporate Credit Union (WesCorp).
Corporate credit unions do not serve consumers, but rather provide financial services such as check-clearing and other back office functions and investment vehicles for natural-person “retail” credit unions (like BOPTI FCU).
These recent events have had no impact on the safety and soundness of BOPTI Federal Credit Union; your deposits here remain safe.
The NCUA has given assurance that service continues uninterrupted at both U.S. Central and WesCorp, and member credit unions are free to make deposits and access funds. Based on the actions that the NCUA took earlier this year to stabilize the corporate credit union network, all funds on deposit at Corporate Credit Unions are guaranteed.
Rest assured that this development will not impact our ability to serve our members. BOPTI is a sound and stable financial institution, with ample liquidity and capital. We continue to remain well-capitalized, with a 15.24% capital ratio as of December 31, 2008.
Your funds on deposit with BOPTI are insured by the NCUSIF and continue to be backed by the full faith and credit of the United States government, up to at least $250,000. Individual Retirement Accounts (IRAs) are insured separately up to $250,000.
In contrast to others, BOPTI continues to lend. We have seen growth in savings deposits, loans, membership and assets. Rest assured that your Board and Management are sensitive to the problems within the corporate credit union system and will stay abreast of developments in order to keep BOPTI on a solid financial footing.
We are your credit union, and we are here to serve you – just as we have been since 1955.
Share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), $250,000 as of October 3, 2008. The Emergency Economic Stabilization Act of 2008 increased the insurance coverage on all accounts up to $250,000 until December 31, 2009. NOTE!!! On May May 19, 2009, the House and Senate passed the Corporate CU Stabilization Fund. This measure extends the term of the insurance coverage on all accounts up to $250,000 until December 31, 2013! You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interest or rights in different types of accounts and you and you properly complete account forms and applications. For example, if you have a regular share account and an Individual Retirement Account (IRA) at the same credit union, the regular share account is insured up to $250,000 and the IRA is separately insured up to $250,000. However, if you have a regular share account, a share certificate and a share draft account, all in your name, you will not have additional coverage. Those accounts will be added together and insured up to $250,000 as your individual account. Additionally, shares denominated in foreign currencies are insured as outlined in NCUA Rules and Regulations. Coverdell Education Saving Accounts, formerly education IRA's, are insured as irrevocable trust accounts and will be added to a member's other irrevocable trust accounts and insured up to the SMSIA. Roth IRAs will be added together with traditional IRAs and insured up to $250,000. Additional coverage is available on revocable trust or pay on death accounts on a per beneficiary basis. A co-owner's interest in all joint accounts in the same credit union will be added together and insured to to the SMSIA. The federal insurance fund has several programs to help insured credit unions which may be experiencing problems. Liquidations or failures are a last resort. If a federally insured credit union does fail, however, the NCUSIF will make any necessary payouts to the credit union's members. These payouts are usually done within 3 days from the time the credit union closes its doors.
NCUA Share Insurance
