NCUA INSURANCE

Here are some important facts to remember about your share insurance provided by the NCUSIF:

 

Not one penny of insured savings has ever been lost by a member of a federally insured credit union.  

 

As a member of a federally insured credit union, you do not pay directly for your share insurance protection. Your credit union places a deposit into the NCUSIF and pays an insurance assessment based on the total amount of insured shares and deposits in the credit union. Federally insured credit unions are required to deposit and maintain one percent of their insured shares and deposits in the NCUSIF. 

 

Alexandria, Va., October 3, 2008 – Today’s passage of the Emergency Economic Stabilization Act of 2008 will require NCUA to immediately increase share insurance protection to $250,000 on all types of accounts until December 31, 2009.

2006 legislation 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. You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications.   Click on this link for additional information: http://www.ncua.gov/shareinsurance/.  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 until December 31, 2009  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 until December 31, 2009 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’s other irrevocable trust accounts and insured up to the SMSIA. Roth IRAs will be added together with traditional IRAs and insured up to $250,000.

Additional coverage is available on revocable trust or payable on death accounts on a per beneficiary basis. You can now name a parent or sibling as a beneficiary to get separate coverage. Previously, beneficiaries had to be a spouse, child or grandchild. The rules on joint accounts have been simplified. A co-owner’s interest in all joint accounts in the same credit union will be added together and insured up to the SMSIA.

The federal insurance fund has several programs to help insured credit unions which may be experiencing problems. Liquidations or failures are a last resort. If a federally insured credit union does fail; however, the NCUSIF will make any necessary payouts to the credit union’s members. These payouts are usually done within 3 days from the time the credit union closes its doors.   For more information, go to the website: www.ncua.gov.

NATIONAL CREDIT UNION WEEK - October 12 - October 18

The 3rd Thursday in October is designated CREDIT UNION DAY.  We here at SVDCU take this opportunity to celebrate Member appreciation week.  We realize that our success depends on our membership.  Area merchants and credit union vendors donate items for us to use as door prizes.  All coming into the office are invited to enter our raffle.

 

YOU COULD WIN 2 TICKETS TO SEE THE MINNESOTA VIKINGS OR THE NEW ORLEANS SAINTS

Open a new account, a checking account, finance an auto loan or a mortgage during the month of October.  You will be placed in a drawing to win 2 tickets to a NFL football game.  See the Minnesota Vikings or the New Orleans Saints.

 

ATTENTION MEMBERS USING THE STERLING HEIGHTS SERVICE CENTER BRANCH

Effective October l:  The Sterling Heights Branch of the Credit Union Family Service Centers will become Christian Financial Credit Union.  Christian Financial Credit Union will continue to be a shared branch outlet so you will be able to continue using this location for your credit union needs.

 

2008 FALL SPECIAL FOR TERM SHARE ACCOUNTS (CERTIFICATES OF DEPOSIT)

Earn preferred rates up to 1% on any TERM SHARE ACCOUNT (Certificate of Deposit).  Preferred rates are based

on credit union services used.  Minimum deposit:  $500.00.  Keep in mind that the minimum deposit for members under 18 has been reduced to $100.00.

 

For each of the following services, earn a .10 bonus interest.  Maximum of 10 services.  REGULAR SHARE OR DAILY

SHARE, FLEXIBLE MONEY FUND, INDIVIDUAL RETIREMENT ACCOUNTS.  CHECKING ACCOUNTS,

MASTERMONEY Debit card/ATM card.  HANDI ON-LINE PAY, E-STATEMENTS, DIRECT DEPOSIT (Net pay, Social security and Retirement funds).  AUTO LOAN, HOME EQUITY LOAN, MORTGAGE LOAN, RV LOAN, BOAT LOAN, VISA credit card.

 

SHARED BRANCHING

What is shared branching?  As a member of SVDCU, you can enjoy the convenience of more locations through a unique  network of shared branches across the nation.  To access your account at CU Service Centers, you will need these items:

      1.  The name of your credit union and the city and state in which it is located                              

      2.  Your account number

      3.  A valid U.S./State government issued picture identification with signature.

When making a withdrawal at a shared branch, we charge $1.00.  The shared branch may have a limit on the cash available, larger amounts may be withdrawn in the form of a check.  Funds deposited at CU Service Centers may not  

be available for immediate withdrawal.  Service centers cannot remove a hold placed on your account; however,

if you contact our office, we may be able to help you.  For the most current listings, visit www.servicecenters.org or

call (888) CU SWIRL.

 

NEED A MORTGAGE?

Don't move, remodel.  Let us help finance those major projects.  New kitchen, new bathroom, new landscape? We can help with either a Mortgage or Home Equity Loan.  Call the office for current rates.

 

Remember: The annual percentage rate on our Mortgage Loans are fixed, we do not sell our portfolio.  We have 10, 15 & 30 year terms available.  We offer Bi-weekly payments.  Low rates!!! Low Costs!!!

 

As of September 15th, the annual percentage rate on a 10 year mortgage is 5.25%, 15 year is 5.50% and the 30 year is

6.00%.  For more details, either email or call the loan department at 586-264-1212 ext 3.

 

AUTO LOANS

If you are in the market for a new Ford product and do not qualify for the family and friends discount, give us a call.  You have a friend at Sterling Van Dyke Credit Union.  The annual percentage rate for the month of  October is as low as 5.99%.

 

HANDI ON-LINE PAY

During these trying times of prices going up every time you turn around, why not check out our free on line bill paying

service?  The cost of printing checks has just increased.  The cost of postage just went up.  With gasoline prices soaring, why waste your gas driving to the post office to mail your bills?  By using Handi On-line Pay (HOP) you don't need checks or stamps.  Once you set up your bills you choose how much to pay and when to pay.  You need a checking account and the money needs to be in your account at the time the money is deducted.  Just keep in mind that once you

enroll and there is no activity for 3 months, you will be charged a $5.00 inactive fee.

 

INDIVIDUAL RETIREMENT ACCOUNTS

It's never too early to start saving for your retirement.  As long as you have earned income, you can open an IRA

(Individual Retirement Account).