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Australian CUs have experienced strong growth in retail deposits at the expense of their regional banking rivals. http://ow.ly/goIE
Yakima Valley CUs have benefited from larger banks troubles as membership, deposit growth, and overall presence expand. http://ow.ly/goHD
Florida Central CU names CUNA board member Laida Garcia as president, CEO. Garcia succeeds the late Ed Gallagly. See http://ow.ly/gnw7
WesCorp detailed cost-saving initiatives-- including roughly 90 layoffs--that aim to roll back expenses to 2003 levels. See July 6 NN.
Wash. State CUs have seen a 313% mortgage loan increase over the last 10 years, with lower car loan, savings deposit increases. See Mon. NN.
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:
- An account in a husband's name only is insured for $100,000. His wife's separate account is also insured for another $100,000;
- Their joint account is insured up to $200,000--or $100,000 each;
- If the husband is a trustee in a testamentary revocable trust for the wife, the account is insured for $100,000. If the wife has an account titled as a testamentary revocable trust for the husband, it's insured for $100,000.
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.
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