By now it's old news that, in May, the Feds raised NCUA deposit insurance coverage to $250,000. Yes, the the coverage likely will become a permanent change, but the Act states that the increased coverage expires on 12/31/2013.
Many members believe that the most their deposits can be insured for is $250,000. The NCUA provides a nice brochure that does a good job of explaining the complexities of deposit insurance. One example they cite is that a family of four could be insured for up to $3.5 million if they structure the accounts properly.
A couple of handy resource links to have available in case members have questions.
1. The NCUA "Your Insured Funds" Brochure.
2. The Online Share Insurance Calculator.
You may find that the calculator puts members at ease when it comes to explaining increased coverage; print the results and provide them a copy.
In the News:
JAKARTA, INDONESIA—Its currency and economy decimated by the lingering Asian financial crisis, Indonesia received welcome news Tuesday, when the World Bank announced it would offer the struggling nation totally free checking.
"Indonesia can say goodbye to high checking fees," World Bank president James D. Wolfensohn said. "No monthly service charge, no per-check fee, and free touch-tone balance information are just some of the benefits Indonesia will enjoy with the World Bank's 'Totally Free Checking' program. And there are no strings attached and no hidden fees—that's the World Bank guarantee!"
Wolfensohn added that if Indonesia opens a Totally Free Checking account by Oct. 15, it will receive a free athletic bag.
(The Onion News excerpt)
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