More Insurance for your Deposits
California based IndyMac Bank has been in the news a lot this week as account holders line up outside branches to withdraw their money. One of the main concerns of these worried customers is how their deposits are insured.
IndyMac is insured by the Federal Deposit Insurance Corporation, commonly referred to as the FDIC. The FDIC provides deposit insurance for banking consumers for their checking and savings deposits up to $100,000 per depositor. If you were a customer at IndyMac and had more than $100,000 on deposit, it's possible that you would not be able to withdraw all of the money you had in your accounts.
Financial Center offers its members more deposit insurance than banks. The first $100,000 by the National Credit Union Share Insurance Fund (NCUSIF) and the next $250,000 by Excess Share Insurance (ESI).
The result: your deposits are insured up to $350,000 at Financial Center.
This is just one of the many differences between other financial institutions and our credit union. Visit our website today or give us a call and find what other ways Financial Center can help you improve your financial well-being and keep your money safe.