NCUA Insures Deposits up to $250,000 and Encourages Prudent Planning
ALEXANDRIA, Va. (Oct. 26, 2012) – With Hurricane Sandy about to move up the Atlantic coast, the National Credit Union Administration (NCUA) is reminding credit unions and credit union members in the storm’s potential path to take steps to prepare.
“Credit unions and their members living in the path of Hurricane Sandy need to take safety precautions and prepare for this very serious storm,” said NCUA Board Chairman Debbie Matz. “We know that an ounce of prevention now will help to prevent problems later. NCUA stands ready to do what is needed to help credit unions affected by the storm. As always, we continue to protect accounts at federally insured credit unions up to $250,000.”
NCUA is closely monitoring the storm’s progress. Credit unions along the East Coast should take precautionary steps to prepare for the storm. NCUA also reminds consumers that deposits at federally insured credit unions are insured up to $250,000.
NCUA is ready to activate the agency’s emergency response plan, if necessary. NCUA will take steps to assist credit unions in maintaining normal operations or, in the event of a disruption, to restore those services as quickly as possible.
The National Weather Service issues regular updates on Hurricane Sandy, and the Federal Emergency Management Agency’s Ready.gov website (Listo.gov para espanol) provides helpful information about how to prepare and stay safe, including steps to take to protect your finances.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than 101
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.