|
|
► Unclaimed accounts at
credit unions closed by the NCUA
Since the start of the great
recession in 2008, more than 65 credit unions have been closed by
regulators.
Be aware you may have an
account at a failed institution and not know it, either because you were a
depositor at a credit union acquired by an institution that subsequently
failed, or if you are the beneficial owner of a brokered or trust account.
Also note if you have
uninsured funds at a failed credit union – i.e. excess deposits over the
insurance limit - you may be entitled to receive a portion of its
liquidated assets. In many instances these funds go unclaimed because
dividend checks sent depositors, perhaps years after closure, went
undelivered or were never cashed.
|
 |
Click on binoculars to
search for a lost account or safe deposit box at a closed credit union |
► NCUA deposit insurance
claims
There are time limits on
claims. Share accounts claimed within an 18-month insurance period are
paid the full insured amount. After the 18-month insurance period,
unclaimed shares are considered uninsured and are written down to
subsidize any losses incurred.
In the rare event a
liquidation results in surplus funds, shareholders may be entitled to
receive an additional distribution.
► American Share insured
accounts at closed credit unions
Over one million accounts at 140 credit unions in nine states are
privately insured by American Share Insurance, a private, non-profit
corporation owned by member credit unions.
Note American Share Insurance can also be used by a credit union to
provide $250,000 in additional coverage over and above the NCUA insurance
maximum, i.e. $500,000 total. For information and assistance contact:
www.americanshare.com
|
