Member Deposits Insured up to $250,000; Member Services Uninterrupted
ALEXANDRIA, VA. (October 16, 2015) – The National Credit Union Administration today placed Helping Other People Excel Federal Credit Union of Jackson, New Jersey, into conservatorship.
Members can continue to conduct normal financial transactions, deposit and access funds, and use shares through Pinnacle Federal Credit Union of Edison, New Jersey. Pinnacle will operate Helping Other People Excel during the conservatorship under a management agreement with NCUA. Members can contact Pinnacle by telephone at 732-225-1505 or in person at Pinnacle’s office at 135 Raritan Center Parkway, Edison. Pinnacle is open Monday through Thursday from 8 a.m. to 5 p.m., Friday from 8 a.m. to 6 p.m. and Saturday from 8 a.m. to 12:30 p.m.
Member deposits at Helping Other People Excel Federal Credit Union remain federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts at Helping Other People Excel Federal Credit Union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
While normal member services continue, NCUA will work to resolve issues affecting the credit union’s safety and soundness.
Helping Other People Excel Federal Credit Union is a federally insured credit union with 96 members and assets of $290,927, according to the credit union’s most recent Call Report. Chartered in 1978, Helping Other People Excel Federal Credit Union serves a community field of membership comprised of persons who live, work, worship, or attend school in, and businesses and other legal entities in Lakewood, New Jersey.
Members with questions about the conservatorship may review the Frequently Asked Questions document attached to this release and available online here.
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 account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.