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Post-Dispatch features CU on deposit insurance ST. LOUIS (7/30/08)--Anheuser-Busch Employees CU provided consumers examples of just how safe deposits are in credit unions by explaining different types of coverage in an article in the St. Louis Post-Dispatch (July 27). The article noted that insurance provided by the National Credit Union Administration and the Federal Deposit Insurance Corp. "may be the best sleep aid around" because there's "no reason to worry" about money that's federally insured. David Tate, vice president of operations at the $910.5 million asset credit union, provided examples of how a consumer's accounts are insured:
Total insurance for all these accounts is $600,000, but Tate explained that adding accounts that are payable on death (POD) to dependents, such as children, would mean a husband and wife who have a POD account for their two children could qualify for $400,000 in insurance--or $100,000 for each spouse and child. Tate also addressed issues related to the death of one spouse, individual retirement accounts, and the addition of a second account owner. Resource Links More CU/System |
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