Are my deposits safe at Heartland?
These days, it seems
that there’s little good news out there – all the
turmoil surrounding subprime mortgages, problems with
Fannie Mae and Freddie Mac and now the Office of Thrift
Supervision is taking over IndyMac Bank in California.
All of this has many people are wondering just how safe
their deposits are.
Here’s the good news you were looking for –
your deposits at Heartland are safe and secure! Deposits at Heartland are
insured up to $100,000 by the National Credit Union Share Insurance Fund, an
agency of the federal government. This insurance is backed by the full faith
and credit of the United States Government just like the FDIC program for banks.
NCUSIF also insures IRA accounts up to $250,000.
In addition to NCUSIF insurance, Heartland also
provides members additional insurance via Excess Share Insurance. This private
insurance provides an additional $250,000 in insured deposit coverage
at no cost to members. A Heartland member with an individual account could
be insured up to $350,000; an IRA account could be insured up to $500,000;
married couples could have insurance coverage in excess of one million dollars.
Heartland consistently gets high marks from
State and independent auditors as we are solid and well capitalized. This is
true of most credit unions which usually have higher reserves than banks. In
addition, unlike other financial institutions, we do not make a practice of
offering high-risk loans such as sub-prime mortgages.
The mortgage crisis has created a lot of doubt
in the banking system. Thankfully, the credit union system is strong and
financially stable.
Invest safely and with peace of mind at
Heartland, we’re your financial solution.
Federal Insurance Protection Strong At Mid-Year
Alexandria, Va., July 14, 2008 – National Credit Union
Administration (NCUA) Chairman JoAnn Johnson today said, “Member deposits in
federal and almost all state chartered credit unions are federally insured
by the NCUA, through the National Credit Union Share Insurance Fund (NCUSIF).
NCUSIF is backed by the full-faith and credit of the United States
Government. Consumers who have federally insured funds in credit unions
should rest assured that their deposits are safe up to at least $100,000 per
account, with additional coverage of up to $250,000 for certain retirement
accounts.
The
National Credit Union Share Insurance Fund (NCUSIF) is in strong condition,
with an equity ratio estimated at 1.24 percent for June 30, projected by
year end to be 1.28 percent. Staff will present mid-year NCUSIF results in
more detail at the July 24th NCUA Board meeting.
While
there are isolated instances of credit unions encountering difficulties, on
the whole the credit union industry is healthy. The NCUSIF enters the
second half of 2008 secure and well-capitalized.”
The
National Credit Union Administration is the independent federal agency that
regulates, charters and supervises federal credit unions. NCUA, with the
backing of the full faith and credit of the U.S. government, operates and
manages the National Credit Union Share Insurance Fund, insuring the
deposits of more than 87 million accounts in all federal credit unions and
the overwhelming majority of state-chartered credit unions.
Excess Share Insurance
Corporation (ESI)
Excess Share Insurance Corporation (ESI) is a
property and casualty insurance company licensed in the State of Ohio
and 32 other states. ESI has always been and continues to be in good
standing with insurance departments and regulators in all states of
operations. The corporation has operated safely and soundly, and has
been financially stable since its incorporation in 1993.
ESI provides up to $250,000 of additional protection
on member share (deposit) accounts. By adding this coverage to the
credit union’s primary insurance limits, individual members can take
comfort in knowing their funds are safe and secure. ESI serves credit
unions…and only credit unions!
Annually, ESI’s financial statements are audited by a
nationally recognized “Big 4”
CPA firm and its loss reserves are certified by internationally
recognized actuaries. The corporation maintains various committed lines
of credit and reinsurance from national
firms, which further strengthens its financial position.
If you have any questions concerning your credit
union’s excess insurance coverage, please visit www.excessshare.com, or
call 800.521.6342. You can also submit your questions via e-mail at
mail@excessshare.com.
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Helpful Links
America's credit
unions: Secure, strong
Click
here for more information about the National Credit
Union Share Insurance Fund.
Click
here for answers to
questions regarding Excess Share Insurance.
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