NCUA Initiates Share Insurance Call Center, Tool Kit

Experts are available to answer questions about share insurance

Alexandria, Va., September 23, 2008 - The National Credit Union Administration today opens a call center and posts an electronic tool kit to help members and credit unions better understand the insurance protection NCUA provides for member accounts.

"With the well-publicized turmoil in the financial markets, consumers need assurance that the federally insured funds in their credit unions are safe up to the insured limits," said NCUA Chairman Michael E. Fryzel. "NCUA is opening a call center and posting an electronic tool kit to enhance overall consumer understanding of how credit union deposits are insured."

"I call upon credit union volunteers and professionals to employ these resources to the greatest extent possible. You have a unique responsibility to credit union member-owners to be well-versed in the insurance coverage provided by the National Credit Union Share Insurance Fund. Questions from members about NCUA insurance provide an opportunity to increase member understanding of their credit union and the protections afforded by share insurance. I commend credit unions in advance for making full use of NCUA efforts to improve public awareness of this important facet of credit union membership," noted Chairman Fryzel. 

The NCUA Insurance Call Center, operating from 8 a.m. to 6:30 p.m. (EDT) Monday through Friday, has insurance experts available to answer questions about the coverage provided by NCUA share insurance. The toll-free Insurance Call Center number is 1-800-755-1030, extension 1.

The NCUA electronic tool kit, online at http://www.ncua.gov/ShareInsurance/Index.htm, contains a variety of useful information on share insurance coverage to use and disseminate, including:

• NCUA Share Insurance 101 Webinar is scheduled October 7, 2008;
• Insurance estimator enables calculating an estimate of share insurance coverage;
• Your Insured Funds brochure details insurance coverage, with many examples;
• How Your Accounts Are Federally Insured brochure provides basic insurance information;
• Special Bulletin explains increased retirement account coverage in addition to basic insurance protection;
• Letter to Credit Unions 08-CU-18, Educating Members on Share Insurance Coverage.

"I encourage credit unions and their members to utilize the Call Center and the electronic tool kit to the fullest extent possible," Chairman Fryzel said.

The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 89 million accounts in all federal credit unions and the overwhelming majority of state-chartered credit unions.

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