Share Account Insurance Update

iQ Credit Union is making some important changes to our deposit insurance program. In the past, the federal government provided $100,000 in share insurance coverage through the National Credit Union Share Insurance Fund (NCUA) and the credit union purchased an additional $250,000 in coverage through a private company. Combined, you enjoyed up to $350,000 in deposit insurance coverage.

In October 30, 2010, the NCUA limit was increased from $100,000 to $250,000, which means that today you have more deposit insurance coverage from the federal government than you did in combined coverage prior to October 2008. As a result of this increase in federal deposit insurance limits, we have made the decision to discontinue the excess share insurance coverage offered through American Share Insurance effective October 30, 2010.

Protecting your savings is one of our major objectives. With the increase in federal deposit insurance coverage provided through the NCUA, you now have up to $250,000 in coverage per member for aggregate IRA accounts and up to $250,000 per member for non-IRA accounts. It may also be possible to restructure your accounts to increase the amount of NCUA coverage that you have. Please contact our Member Service Center at (360) 695-3441 if you would like to receive additional information on how you might expand your current share insurance coverage under the NCUA.

National Credit Union Administration we encourage you to visit their web site for more information.