Much has happened over the past week in the financial markets and congress. It was bad timing for a family vacation over this past week! The stock market has lost over 18% of its value this week and today's market activity is dismal as well.
One positive news for credit union members was the increase in federal share insurance to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency. This increase insurance coverage is effective immediately. Visit http://www.ncua.gov/ for the upgraded insurance calculator for share accounts. The financials of North Alabama Educators Credit Union are also available for your review on the NCUA site. Any members with questions or comments are encouraged to contact our main office at 256-534-2423 to speak with me personally. (I will be back in the office on Tuesday, October 14th).
North Alabama Educators Credit Union remains a safe and sound haven for your deposits. The additional federal insurance coverage enhances your safety net even further. These are tough economic times right now. Your credit union has positioned itself to protect your assets during times such as these. Our conservative lending and investment approach in the past has led us to this place of security during this economic downturn.