A Letter in the Oct. 14 Tomahawk Leader:
In these uncertain economic times, people are asking – as they should – whether their money is safe in a financial institution.
For Wisconsin’s 2.2 million credit union members, the answer is a resounding yes! All of Wisconsin’s not-for-profit, member-owned credit unions insure deposits through the National Credit Union Administration. The NCUA is the federal agency that regulates credit unions and insures their members’ deposits up to at least $250,000. Coverage may be higher if a member has a combination of individual, joint, trust, payable-on-death or other accounts. And there’s separate coverage of up to $250,000 for individual retirement accounts.
In fact, credit unions are among the safest depository institution in the country. Not one penny of federally insured credit union savings has ever been lost. And not one cent of taxpayer money has ever been used for a credit union bailout.
Visit www.ncua.gov for more information, including an insurance estimator to help you determine the amount of coverage on your accounts. Or call the NCUA’s toll-free hotline, open 7 a.m. to 5:30 p.m. Monday through Friday to answer insurance related questions. The number is 800-755-1030, ext. 1.
Please use these resources, stay informed and keep your money in federally insured accounts.
William C. Johnston
Park City Credit Union
Tomahawk, Merrill, Minocqua, Rhinelander