Posts Tagged ‘How safe is my money’

Your Money is Safe at PFCU

5stardec16webNotice of a Change in Coverage:

Your peace of mind is important to us. Prior to 2008, an individual account was insured up to $100,000 by the National Credit Union Share Insurance (NCUSIF) and the Credit Union purchased an additional $250,000 coverage through a private insurance company, American Share Insurance (ASI). The Emergency Economic Stabilization Act of 2008, signed into law on October 3, 2008, increased federal insurance coverage through NCUSIF on individual accounts to $250,000. On July 21, 2010 the coverage was made permanent. After analyzing the effects of this increase on the total membership less than 1% were not adequately covered under NCUSIF. As a nonprofit cooperative we strive to serve the needs of the membership and use funds entrusted to us wisely. The low percentage of accounts uninsured doesn’t justify the cost to continue the additional private ASI excess insurance coverage. Therefore effective January 1, 2017 this coverage will end.

The good news is there are many vesting options to add additional insurance coverage to your account that we would be happy to discuss with you. The NCUSIF fund is backed by the full faith and credit of the US government, just like the FDIC fund for banks. It is just a separate fund.

PFCU remains strong and well-capitalized. We continue to receive 5 Stars (highest rating) from Bauer Financial at www.bauerfinancial.com. Your money is safe at PFCU.