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Home > NCUA Share Insurance Update

On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. Included in this legislation was a provision making permanent the current $250,000 maximum federal deposit insurance level, which had been temporary until December 31, 2010.

What this means for Hawaii Schools Federal Credit Union members is that your accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund, a federal insurance fund backed by the full faith and credit of the U.S. Government. Federal insurance protects money held in share savings, share draft/checking, money market, share certificates, trust and retirement accounts.

We want to assure you that Hawaii Schools Federal Credit Union is financially sound and that your savings is safe and secured with us!

Should you have any questions about the permanent insurance protection, please click here for the NCUA Share Insurance Tool Kit link for more information, or call the NCUA Consumer Assistance Hotline at 1-800-755-1030.

 

 


 

NOTICE OF CHANGES TO TEMPORARY NCUA INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS. All funds in a "noninterest-bearing transaction account" are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules. The term "noninterest-bearing account" includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal ("NOW") account, moneymarket deposit account, and Interest on Lawyers Trust Account ("IOLTA"), even if share drafts may be drawn on the account. For more information about temporary NCUA insurance coverage of transaction accounts, visit www.ncua.gov.