Member Deposits Protected up to $250,000 by Share Insurance Fund
March 4, 2016 - The National Credit Union Administration today liquidated Education Associations Federal Credit Union of Washington, DC.
Member deposits are federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
NCUA’s Asset Management and Assistance Center will issue correspondence in the near future to members holding verified share accounts at the credit union. Members with additional questions about their insurance coverage may contact the Center toll-free at 877-715-0777 Monday through Friday between 9 a.m. and 6 p.m. Eastern. Members may also visit the Share Insurance section of NCUA’s MyCreditUnion.gov website at any time for more information about their insurance coverage.
NCUA made the decision to liquidate Education Associations Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Education Associations Federal Credit Union served 665 members and had assets of $2,596,701, according to the credit union’s most recent Call Report. Chartered in 1954, Education Associations Federal Credit Union served the employees of the National Education Association, other national education organizations and their immediate family members.
Education Associations Federal Credit Union is the third federally insured credit union liquidation in 2016.