Release Date: October 8, 2008
FOR IMMEDIATE RELEASE
Credit Union Federal Share Insurance Coverage Rises to $250,000
Recently-Passed Financial Rescue Legislation Increases Amount of Insurance
New financial legislation has increased the level of federal credit union share insurance from $100,000 per account holder to $250,000. Savings in banks that are insured by the Federal Deposit Insurance Corporation (FDIC) will also be increased to the same amount.
"It's important for our members to know that Corning Credit Union remains an extremely safe and sound financial institution," said Gary Grinnell, President and CEO. "With this increase in the level of federal share insurance, we hope our members are even more reassured that their funds are protected."
The coverage increase is part of a multi-billion dollar financial rescue package named the "Emergency Economic Stabilization Act of 2008". It was enacted on Friday, October 3, and raises the current share insurance limit until December 31, 2009.
As a result, Corning Credit Union deposit accounts are now insured to at least $250,000 per individual account holder. Joint account holders are also insured to at least $250,000 per account holder (for example, an account with two joint account holders is insured to at least $500,000 separately from the holders' individual accounts). Individual Retirement Accounts are insured separately to at least $250,000. Amounts may be higher depending on account structure.
For more information regarding share insurance or this increase in coverage, please call 607-962-3144 or 800-677-8506 and a team member will be happy to speak with you.
