We at AEA Federal Credit Union want to update you on recent developments at your credit union.
As you may know from recent media reports, the National Credit Union Administration (NCUA) assumed control of AEA Federal Credit Union on December 17, 2010, in an action referred to as a conservatorship. NCUA now exercises oversight for all areas of credit union operations. NCUA and the credit union's management team will work to protect member assets and maintain confidence in the institution. The NCUA is a federal agency with a long and successful track record of maintaining the financial stability of credit unions in these situations and will act to protect the assets of the members of AEA Federal Credit Union.
The most important thing to know is this: AEA Federal Credit Union remains dedicated to meeting your financial services needs and protecting your deposits. Our five branches are open for business as usual, delivering the high level of service our members expect from us. Retail financial services -- including activities like personal and auto loans -- continue to operate normally with our standard high level of service to all members.
NCUA is working with the credit union's management team including Conservatorship CEO Thomas Martin. When you walk into a branch office or contact us over the phone, the same dependable and familiar staff you know and trust will still be there to assist you.
Your insured deposits are safe and secure. Member deposits are insured to at least $250,000 by the National Credit Union Share Insurance Fund, an entity of the Federal government operated by the National Credit Union Administration. Certain retirement accounts are separately insured up to $250,000 by the National Credit Union Share Insurance Fund.
As an example, you can have an individual account federally insured up to $250,000 and an Individual Retirement Account (IRA) which is Federally insured separately up to $250,000 for total federal share insurance coverage of up to $500,000. As another example, a husband and wife can have a joint account, with no beneficiaries, which would be federally insured up to $500,000. Or, a husband and wife can have a joint account with their two children as beneficiaries, or "payable on death", which would be Federally insured up to $1,000,000.
Elizabeth Whitehead NCUA Regional Director Agent for the Conservator
Thomas Martin Conservatorship Chief Executive Officer
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