Thursday, May 7, 2009

$250K Deposit Insurance One Step Closer to Extension (S. 896)

Your deposits are federally insured to $250,000 per member account, effective through December 31, 2009. Yesterday the Senate approved a bill (S. 896) to extend this insurance level at least through 2013, when the amount would be reviewed and possibly adjusted. Next the bill goes to the House of Representatives. We should know within a few months if the bill becomes law. We believe it will pass the House.

Meanwhile, you should feel confident that your deposits are safe, and that we will keep you informed about the legislation via statements and on our website, here on our blog, on Twitter and by email. If we don't have your email address, send an email to If, on the off chance, the bill does not become law, we will contact all members whose deposits exceed the insured amount.

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