Eaton Family Credit Union News

On September 12, 2011 The Street ran an article by Philip van Doorn titled, "Are Credit Unions FDIC Insured?" Click here to read the entire article. Mr. van Doorn answers his question, "No, but it doesn't matter." Further in the article he mentions the National Credit Union Administration , NCUA, the credit union federal insurance fund. At Eaton Family Credit Union, your savings are insured to at least $250,000 and backed by the full faith of the United States Government by the National Credit Union Administration (NCUA), a U.S. Government Agency. In addition, Eaton Family Credit Union accounts are privately insured to $250,000 by Excess Share Insurance (ESI), a division of American Share Insurance. Our answer is also, "no" because all accounts at Eaton Family Credit Union are insured to at least $500,000 with a combination of federal and private insurance.

On Saturday, September 25, 2010 the Wall Street Journal published an article titled, "Credit Unions Bailed Out." The article starts, " T wo years after the peak of the financial crisis, the federal government swooped in to stabilize a crucial part of the credit-union sector battered by losses on subprime mortgages. Regulators announced Friday a rescue and revamping of the nation's wholesale credit union system, underpinned by a federal guarantee valued at $30 billion or more. Wholesale credit unions don't deal with the general public but provide essential back-office services to thousand of other credit unions across the U.S. The majority of retail credit unions are sound, but they will have to shoulder the losses through special assessments over the next decade." Click here to read the entire article. So what does this mean to you as credit union members? Eaton Family Credit Union is safe and secure. In our most recent audit exam, "it was determi...

All accounts at Eaton Family Credit Union are insured to at least $500,000. $250,000 through National Credit Union Asscociation (NCUA), a government agency. $250,000 by Excess Share Insurance (ESI), a property and casualty insurance company. Click here for more information from the Ohio Credit Union System. Click here fore more information from Credit Union National Association. Contact us for more information.