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Are My Deposits Safe?
The shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA. The NCUSIF is backed by the full faith and credit of the United States government. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC). Individual accounts are insured up to $250,000. Retirement and joint accounts may have higher coverage. Check out the links below for specific details.
NOTE: Share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), $250,000 as of October 3, 2008. The section of Emergency Economic Stabilization Act of 2008 which increased the insurance coverage on all accounts up to $250,000 has now been made permanent.
Not one penny of insured savings has ever been lost by a member of a federally insured credit union. The federal insurance fund has several programs to help insured credit unions which may be experiencing problems. Liquidations or failures are a last resort. If a federally insured credit union does fail, however, the NCUSIF will make any necessary pay outs to the credit union’s members.
As a member of an insured credit union, you do not pay directly for your share insurance protection. Your credit union pays into the NCUSIF a deposit, and an insurance assessment, based on the total amount of insured shares and deposits in the credit union. Insured credit unions are required to deposit and maintain one percent of their insured shares and deposits in the NCUSIF.
Credit unions as a whole are healthy, with strong balance sheets, and are well capitalized. Their overall capital-to-asset ratio stands at a very solid 11.1% (compared to 10% for banks). In dollars, that’s a capital cushion of $90 billion. Nation-wide, credit union mortgage delinquencies at the end of the first quarter of 2008 stood at only 0.7%. First mortgage charge-offs were a miniscule 0.06%. Across the board, credit union loan delinquencies are at a very low 1.0%.
ACCOUNT OWNERSHIP:
Have you reviewed your account since you first opened it? Do you have a beneficiary listed, have you had a change in marital status, do you have Power of Attorney (POA) papers and are those correct? For a business or organization: Do we have your minutes stating who has authority to be on the account and if you have had changes in your officers, do you have the right people on the account as well as the address? It is very important that your account ownership is maintained correctly as we can only give out information to those listed and have signed the membership agreement or have POA papers. If you would like to check the account ownership status of your account(s) please contact the office where your account was opened and we will be glad to make sure it is they way you want it.
ATTENTION: COMMERCIAL ACCOUNT HOLDERS
In accordance with the requirements of the Unlawful Internet gambling Enforcement Act of 2006 and Regulation GG, this notification is to inform you that restricted transactions are prohibited from being processed through your account or relationship with our institution. Restricted transactions are transactions in which a person accepts credit, funds, instruments or other proceeds from another person in connection with unlawful Internet gambling. Unlawful Internet gambling is defined as "to place, receive or otherwise knowingly transmit a bet or wager by means which involves the use, at least in part, of the Internet where such bet or wager is unlawful under any applicable Federal or State law in the State or Tribal lands in which the bet or wager is initiated, received or otherwise made".
NEW ACCOUNT OPENING INFORMATION
TO ASSIST POTENTIAL MEMBERS IN OPENING AN ACCOUNT WITH DAKOTA PLAINS CREDIT UNION, WHETHER IT BE A PERSONAL ACCOUNT, BUSINESS ACCOUNT OR ORGANIZATION CLICK HERE! YOU WILL FIND A LIST OF FORMS AND INFORMATION WE WILL NEED TO COMPLETE THE ACCOUNT OPENING PROCESS. PLEASE ALLOW 15 - 30 MINUTES TO OPEN A NEW ACCOUNT.
REQUIRED INFORMATION AND FORMS FOR OPENING A NEW ACCOUNT:
Personal Accounts:
Identification: Drivers license (must be current) , passport, social security card or birth certificate.
All owners on the account (Including any Beneficiaries that are to be listed): Address, phone number(s), social security number and birthdate.
Each owner must be present to sign membership application.
Organizations:
All information listed under personal account.
Minutes from meeting stating who has authorization on the account, access to which accounts and officers of the organization.
Business Accounts:
All information listed under personal accounts.
Additional information:
* Corporation, LLC or Sole Proprietorship papers showing that you are in business and registered with the state.
* TIN - tax identification number
* Corporation or LLC only: Minutes from meeting stating who has authorization on the account and what their exact duties will be , share of ownership listed and officers of the business.
If you have any questions on the required information please contact any DPCU office.
Click here for more details.
WHAT'S THE DIFFERENCE BETWEEN POWER OF ATTORNEY & EXECUTOR (PERSONAL REPRESENTATIVE)?
Power of Attorney works while the person is alive, and gives the agent authority to make decisions on behalf of the person. These decisions are as binding as though the person themselves had made the decisions. Power of Attorney ends when the person dies.
Executor or Personal Representative takes authority after a person dies and is limited to carrying out the instructions contained in a will, as interpreted and confirmed by the probate court. If an executor was not named prior to the persons death anyone can apply to serve as administrator.
Check with your legal counsel for more details.
