250,000 NCUA Share Insurance Protection Now Permanent
July 22, 2010, Alexandria, Va.
President Barack Obama yesterday signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. Included in this sweeping legislation are provisions making permanent the current $250,000 maximum federal deposit insurance level, which had been temporary until December 31, 2013.
Federally insured credit union member accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund, a federal insurance fund backed by the full faith and credit of the U.S. Government.
Credit Union is Safe, Sound and Secure
There are many reports in the news recently about the fallout from sub prime mortgage loans, the credit crunch and the resulting impact on individuals, financial institutions and our economy. Some members have asked how these challenges affect Diamond Valley Federal Credit Union. We would like to reassure our members that we remain financially solid.
Diamond Valley continues to grow, adding to our financial stability. Members continue to rely on us more than ever for a safe place to invest their money. And you can feel secure that your deposits are safe because they are insured by the National Credit Union Share Insurance Fund (NCUSIF) through the National Credit Union Administration (NCUA).
As of October 3, 2008 your shares are now combined and insured up to $250,000, and IRAs are separately insured up to $250,000. Also, there are ways to obtain additional coverage. We encourage you to use the NCUA Share Insurance Estimator at www.ncua.gov to determine your coverage.
Diamond Valley Federal Credit Union is well positioned to deal with any economic effects. Thanks to the quality of our membership, strong member participation, solid capital position and sound business decisions, such as not engaging in risk-prone sub prime lending, we remain financially solid and committed to providing you with the highest quality service.
For every one of our members, please take confidence in the fact that you have a safe and sound financial partner in Diamond Valley Federal Credit Union. Regardless of the economic climate, we will remain a solid financial resource. Please feel free to contact a Financial Services Representative at (812) 425-5152 if you have any questions regarding this matter.
Share Insurance
Funds on deposit at Diamond Valley Federal Credit Union are federally insured up to $250,000 by the NCUA. IRA funds are separately insured up to $250,000. The NCUA has expanded its coverage to allow more ways members can title their accounts to gain federal insurance coverage.
Are your funds insured?
Click here to calculate your coverage with the Share Insurance Estimator and learn more about insurance protection.
Email DVFCU or call 425-5152 for more information regarding these issues.
Great Rates, Safe Investments
Regular Share Savings
The regular share savings account is similar to a bank passbook or savings account. A minimum of $5 must remain on deposit in your account to retain your credit union membership.
Vacation Savings Account
Need some rest and relaxation? This account offers the perfect opportunity to save for a well-deserved vacation! Open the account any time with any amount.
Insurance Savings Account
Stash money away for uncovered insurance expenses, and earn dividends on balances of $300 or more! An insurance savings account can be opened at any time with any amount.
Christmas Club Account
Get a head start this year! This holiday savings account can be opened at any time in any amount. The account closes annually on September 30, and the balance is transferred to your regular share account.
Wedding Registry Account
The Wedding Registry Account works just like a department store’s bridal registry, but it allows you and your spouse-to-be to politely ask for cash, instead of blenders, toasters and china sets!
Use the money to start building a nest egg, towards the purchase of a new home, or for unexpected wedding expenses!
Click here for more information.
Money Market Accounts
The more you deposit, the more you can earn! Have access to your money while earning a competitive yield. DVFCU offers a wide range of money market options, with minimum deposits ranging from $2,500 to $50,000. Money can be deposited and withdrawn from these accounts without penalty.
Money Market Share Money Market Choice Money Market Edge
Share Certificates
Share certificates are similar to a bank certificate of deposit or CD. DVFCU share certificates offer great rates, no matter how long you choose to invest your money. Certificates are available in a variety of terms, ranging from 91 days to 5 years, and most types only require a $500 minimum deposit.
Home and Family Finance Resource Links
Financial Fitness Challenge April--Make Saving a Habit
Six Ways to Beef Up Savings with Tax Refund
Woulda, Coulda, Shoulda: What Retirees Wish They'd Done Differently
Want more information and tips regarding savings and investments? Visit The Home and Family Finance Resource Center.
