NCUA - National Credit Union Association & Other Member Disclosures

How your accounts are federally insured.

Informational video about NCUA Insurance

Internet Gambling Notification

How is my money insured at Neighborhood Credit Union?

The shares in Neighborhood Credit Union are insured by the National Credit Union Share Insurance Fund (NCUSIF), where not one penny of insured savings has ever been lost by a member of a federally insured credit union. This fund is backed by the full faith and credit of the United States Government. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board.

How much insurance do I have for my money?

The Emergency Economic Stabilization Act of 2008 increased the insurance coverage on all accounts up to $250,000. President Obama signed a bill extending the $250,000 ceiling on National Credit Union Administration (NCUA) insurance coverage through 2013.

An NCUA Share Insurance Estimator is also available - click here
(http://webapps.ncua.gov/ins/).

Most properly established share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA1), which is $250,000 as of October 2008, but may be increased in the future. Recent legislation has increased the insurance coverage on certain retirement accounts, such as IRAs and Keoghs, up to $250,000. Generally, if a credit union member has more than one account in the same credit union, those accounts are added together and insured in the aggregate. There are exceptions, though. You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests in different types of accounts 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 own 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 IRAs, are insured as irrevocable trust accounts and will be added to a member other irrevocable trust accounts and insured up to the SMSIA.

Information Regarding Unclaimed Property:

Neighborhood Credit Union is bound by the state of Texas to send any funds in an account that has been dormant (not used or accessed) for 5 or more years to the state treasury. What this means for you: If you only have funds in a long term certificate and do not use the credit union on a regular basis, be sure to access your account on the website, conduct a transaction, make a deposit, or contact member services regarding your account so that your funds are not sent to the State. Funds will be sent November 1, 2009 for dormant accounts 5 years and older as of July 1, 2009.

Notice to Members

Please note that the following documents are available to members: a summary of the most recent annual audit, the most recent statement of financial condition, the IRS Form 990, and credit union bylaws. Contact Tami Shanafelt in Administration at 214.748.9393 ext.1244, or admin@myncu.com to request this information.