TAMPA, Fla., Oct. 13 /PRNewswire/ -- Tampa Bay Federal Credit Union
(TBFCU) announced today they will continue providing member deposit insurance
with an increase of up to $500,000.
Dale Schumacher, CEO of TBFCU said, 'With headlines focused on the $700
billion bailout plan, we are one of the few credit unions in our community
that was approved to offer additional Excess Share Insurance by American Share
Insurance. Additionally, the National Credit Union Association (NCUA) will
provide those high deposit accounts reassurance that their money is safe with
us!'
While the recent bailout bill has many provisions, it includes raising the
limits on deposit insurance protection for bank customers from $100,000 to
$250,000 through the FDIC. What most consumers do not know is that credit
unions received the same increase in protection through the NCUA, also a
government agency.
Schumacher added, 'While the two industries provide similar types of
services, it is a little known fact, like banks' FDIC coverage, credit unions
are protected by NCUA and The National Credit Union Share Insurance Fund
(NCUSIF), an arm of NCUA. This is a government-administered program like the
FDIC and provides the same level of protection with the new bill.'
With the approval to carry an additional $250,000 through Excess Share
Insurance with American Share Insurance, it will add additional protection for
those retirees and business owners with multiple accounts that may carry them
over the maximum limits. The combined deposit insurance reaches up to
$500,000. Excess Share Insurance coverage extends the deposit insurance
available to members above that of NCUA. This unique coverage is available at
a limited number of credit unions across the country.
Schumacher concluded, 'We've offered this insurance every year for nearly
two decades as an added benefit to our loyal members. It provides piece of
mind that protection exists and deposits are safe.'
The NCUA Web site at www.ncua.gov has additional tools to help consumers
determine the coverage on their accounts, as well as brochures and bulletins
that detail coverage for regular savings, retirement accounts and more.
For more information on Tampa Bay Federal Credit Union, please visit their
Web site at www.tampabayfederal.com or call (813) 247-4414.
SOURCE Tampa Bay Federal Credit Union
