![]() ![]() In other words, your credit union deposits are more secure than ever. The NCUA, which regulates all credit unions, believes that this capitalization makes the credit union deposit insurance fund stronger than the FDIC banking fund. Not only that, the 1 percent deposit is treated as an asset, whereas premiums are treated as an expense. Accounts that are closed prior to the match deposit will not receive that quarter’s match deposit. Today our membership exceeds 44,000 individuals from diverse backgrounds and occupations, with over 522 million in total assets. Today we operate six branches throughout Middle Tennessee, serving more than 47,000 members with over 580M in assets. If we do not, we may be forced to add collateral insurance which will increase your. Please ensure that we have a copy of your current insurance coverage on file. Since 1955, Cornerstone Financial Credit Union has provided low-cost financial services to residents of Davidson County, Tennessee, and beyond. Cornerstone requires full comprehensive and collision insurance coverage on all vehicles we finance for the full term of the loan, including physical damage, fire and theft insurance. ![]() The match amount will be credited to the Round-Up Rewards savings account at the end of each calendar quarter, not to exceed 200.00 per calendar year. The Franklin Credit Union You Can Count On. There is no need to "strengthen" the fund. To receive the credit union match the account must be enrolled in eStatements. This is known as "capitalization" of the fund.Ĭapitalizing the NCUSIF in this way has eliminated the need for credit unions to strengthen the fund by paying costly premiums twice a year. Banks and savings institutions are similarly insured by the Federal Deposit Insurance Corporation (FDIC).Īlthough the NCUSIF is comparable to the FDIC in its function, it differs in one important fact: all federally insured credit unions have made a one-time deposit of 1 percent of their insured balances into the NCUSIF fund. Now in the 12th year, it gives us tremendous pride to know that we have helped over 250 Middle Tennessee students make their dreams a reality. Did you know that your CSCCU funds are insured? The National Credit Union Administration (NCUA), a federal government agency, insures each account up to $250,000 through the National Credit Union Share Insurance Fund (NCUSIF). Were empowering everyone to truly understand why credit unions are the best option in the financial services space and what it means to be a credit union. especially proud of the success we have achieved with our Cornerstone Financial Credit Union Scholarship Program. ![]()
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