Member Deposits Remain Protected to $250,000; Member Services Uninterrupted
May 16, 2014 Ė The Director of the Michigan Department of Insurance and Financial Services today placed Health One Credit Union into conservatorship and named the National Credit Union Administration as agent to handle the credit unionís day-to-day operations. Health One Credit Union is a Michigan-chartered, federally insured credit union headquartered in Detroit.
Deposits at Health One Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund continues to insure individual accounts at Health One Credit Union up to $250,000, and a memberís interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also 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.
The Michigan Department of Insurance and Financial Services placed Health One into conservatorship because of the recent discovery of unsafe and unsound practices. While continuing normal member services, the two agencies will work to resolve issues affecting the credit unionís safety and soundness. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares.
Health One Credit Union has 3,882 members and assets of $18.2 million, according to the credit unionís March 31, 2014, Call Report. Chartered in 1957, Health One Credit Union serves residents of Macomb, Oakland, Washtenaw and Wayne counties in Michigan, as well as other select groups. The credit union also operates a branch in Cleveland, Ohio.