NOTICE OF CHANGES IN TEMPORARY NCUA INSURANCE COVERAGE FOR TRANSACTION
ACCOUNTS
All funds in a
‘‘noninterest-bearing transaction account’’ are insured in full by the
National Credit Union Administration through December 31, 2012. This
temporary 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, a
negotiable order of withdrawal (‘‘NOW’’) account, Money Market deposit
account, and Interest on Lawyers Trust Account (‘‘IOLTA’’), even if share
drafts may be drawn on the account. For more information about temporary
NCUA insurance coverage of transaction accounts, visit
www.ncua.gov or speak with a Heartland Credit Union representative at
(651) 451-5160 or (800) 813-9185.
Your Accounts Are Federally Insured
In shaky times,
it’s good to know your deposits are secure. In fact,
Heartland provides more deposit insurance than most.
Your deposits at Heartland Credit Union are
insured up to $250,000 by the National Credit Union
Share Insurance Fund (NCUSIF), 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.
In addition to NCUSIF insurance, Heartland is
only one of two credit unions in the metro area to provide 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 $500,000; an IRA account could be insured up to $500,000;
married couples could have insurance coverage up to
two
million dollars.
Overall, credit unions
are weathering these shaky times better than most
financial institutions. Credit unions are member-owned,
and as a result they're generally more conservative with
their investments than banks. With no stockholders to
demand quarterly profits, it's easier for credit
unions to eschew risky loans like subprime mortgages.
(See
CUNA's "Strong Credit Unions" report.)
Heartland Credit Union has never offered
subprime mortgages We are solid and well capitalized. Heartland
consistently gets high marks from State and independent auditors.
Invest safely and with peace of mind at
Heartland, we’re your financial solution.
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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