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).