Deposits Protected by Share Insurance Fund; Member Services Uninterrupted
ALEXANDRIA, Va. (March 14, 2018) – The National Credit Union Administration today placed Beverly Bus Garage Federal Credit Union, in Chicago, Illinois, into conservatorship.
Member deposits at Beverly Bus Garage Federal Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at Beverly Bus Garage 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.
Members should experience no interruption in services at the credit union’s office at 11049 S. Fairfield Avenue, Chicago, 60655. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares. Beverly Bus Garage Federal Credit Union’s main office is open Mondays, Thursdays, and Fridays from 10 a.m. to 3 p.m., Central.
Members with questions about Beverly Bus Garage Federal Credit Union’s operations may contact the credit union at 708-422-3900. Members with questions about the conservatorship may review the Beverly Bus Garage Federal Credit Union Frequently Asked Questions attached to this release and available online here. Members with questions about their Share Insurance Fund coverage can find more information on the Share Insurance Coverage section of the NCUA’s MyCreditUnion.gov consumer website.
The NCUA placed Beverly Bus Garage Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the NCUA will work to resolve issues affecting the credit union’s operations.
Beverly Bus Garage Federal Credit Union is a federally insured credit union with 1,300 members and assets of $4,029,521, according to the credit union’s most recent Call Report. Beverly Bus Garage Federal Credit Union serves employees of the Chicago Transit Authority at the Beverly Bus Garage in Chicago, employees of the credit union, members of their immediate families and organizations of such persons.
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.