Have You Heard The News? Relax, You're Protected!

Credit Unions as a whole have sucessfully escaped the banking meltdown and lending crisis. 

Two corporate credit unions were siezed by federal regulators in order to protect deposits. The credit unions in question, US Central Federal Credit Union and Western Corporate Federal Credit Union, were merely clearinghouses which offered loans and services to retail credit unions. Both credit unions were at risk, but the deposits were always protected by the NCUA for up to $250,000.

Members of Credit Unions should not be alarmed at this news. This is a case of the NCUA working for you to protect your money. The National Credit Union Association (NCUA) insures credit union deposits the same way the FDIC insures bank deposits. Both have increased their coverage from $100,000 to $250,000 until December 31, 2009. As long as your credit union is covered by the NCUA, your deposits are safe. 

Tropical Financial Credit Union is federally insured by the NCUA for up to $250,000.  

Tips for Safe Banking Over the Internet

If you're like many Americans, you do a lot of shopping and other transactions, like paying bills, online. If you haven't already begun doing your banking online (and even if you have!), here are some useful tips on safe banking over the internet from the FDIC:

• Confirm that an Online Bank Is Legitimate and that Your Deposits Are Insured


• Read key information about the bank posted on its Web site.


• Protect yourself from fraudulent Web sites.


• Verify the bank’s insurance status.


• For insurance purposes, be aware that a bank may use different names for its online and traditional services; this does not mean you are dealing with separate banks.


• Know where to get more information about FDIC insurance.


• Look at your bank’s Web site for information about its security practices, or contact the bank directly.


• Remember that nonfinancial Web sites that are linked to your bank’s site are not FDIC-insured.

Read the complete article here.