Written by: admin
7/15/2008 3:12 PM

If you have been watching the news lately, you have seen the headlines : IS YOUR FINANCIAL INSTITUTION SAFE? IS IT FDIC insured? If not—you could lose money!

The thought of losing your hard earned money when it is kept safely in your financial institution is unnerving, to say the least.

Rest assured BWCU has been around for more than 70 years and is safe and sound.

Is BWCU FDIC insured? BWCU is organized under a different umbrella of the government than banks. Since banks are for-profit and credit unions are non-profit, they are categorized under different segments of the financial industry. FDIC insures the banks and NCUA insures credit unions. NCUA is identical to FDIC in terms of insuring your accounts. Your accounts are insured up to $100,000. IRA accounts are insured up to $250,000. Some accounts also have Excess Share Insurance up to $500,000. There may be ways to have additional coverage based on how your accounts are structured. Please contact our Member Service Associates at your local branch or call the Call Center at 683-1199.

Is BWCU safe and sound? YES! We are well capitalized with strong financials and sound financial practices. In 2007, BWCU received the best rating possible during our last exam by the Kansas Department of Credit Unions and our own auditors.

For more information on specific account insurance, please click on the link below:
http://www.ncua.gov/Publications/brochures/FCUFacts/HowAccountInsured.pdf
 
If you have any questions regarding your accounts, please stop by a branch or call us at 683-1199. We are happy to answer your questions! Our job is to protect your money and serve you.

Wade Bruendl
Interim CEO
BWCU

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