Rockland Federal Credit Union—Strong, Safe and Secure

With 128,000 members and $85.3 million in reserves, RFCU is in sound financial condition. Members can rest assured that their deposits are safe knowing that their savings are federally insured to $250,000 and backed by the full faith and credit of the United States Government through the National Credit Union Administration (NCUA), a U.S. Government Agency and excess deposits are insured by the Massachusetts Share Insurance Corporation up to the legally permissible deposit limits allowed by Massachusetts regulations (see details below).

Our soundness is based on our exemplary business practices:

• We have never engaged in sub-prime mortgage lending
• We adhere to sound financial underwriting practices
• We provide members with professional guidance, which matches them with the right loan product option
• We are audited annually by McGladrey & Pullen LLP, an independent auditing firm
• We are also examined on a regular basis by the National Credit Union Administration (NCUA).
   

Established in 1922 Rockland Federal Credit Union remains a resource members
can count on. Surplus funds resulting from our sound lending practices are returned to member-owners through higher dividends, reduced loan rates and service enhancements.

Your Savings at Rockland Federal Credit Union Are Federally Insured

Your savings are federally insured and backed by Rockland Federal Credit Union’s solid financial standing. The National Credit Union Administration (NCUA), a U.S. Government Agency, insures your savings up to $250,000. The Massachusetts Share Insurance Corporation (MSIC) provides additional deposit insurance for any deposits over $250,000.  Below are detailed descriptions of these important insurance programs.

National Credit Union Administration (NCUA) Coverage-

• The balances in your individual savings, certificate and checking accounts are
  insured up to $250,000 by the National Credit Union Share Insurance
  Fund (NCUSIF).
• Joint ownership can expand the overall insurance coverage. The combined
  balances in joint accounts are insured separately from individual accounts for
  up to $250,000 per name on the account. The most federal insurance coverage
  any member can have as a result of joint ownership is $250,000.
  (Example: If joint accounts total $500,000 and there are two owners on the
  account(s), each owner is insured for $250,000.)
• The funds in your IRA are insured up to $250,000.
• Trust Accounts, depending upon their type, may be insured separately from
  any other accounts held by the trustee and provide up to $250,000 for each
  beneficiary per trustee.  Each trust relationship must be evaluated individually
  to determine the appropriate insurance coverage.
• Custodial Accounts receive separate insurance coverage up to $250,000 for
  the combined balances in a minor's custodial account.

Massachusetts Share Insurance Corporation (MSIC)- provides additional deposit insurance to credit union members up to the following thresholds:

Single Accounts:
Accounts with one name:                               $600,000
Savings, Checking, Share Certificate, etc.

Joint Accounts:
Accounts with two or more names:              $1,200,000
Savings, Checking, Share Certificate, etc.

Organization Accounts:                                $1,200,000

Club Accounts:                                              $10,000

IRA Accounts:                                              unlimited

 

1. The above account type limits represent aggregate totals of all individual member accounts, in the categories listed.

2. Account coverages by type can be aggregated. For example, in a credit union which has over $30 million in total assets, a husband and wife could have single and joint accounts of $2,400,000 (husband and wife each have single accounts of $600,000 each and together they have a joint account of $1,200,000).

3. Accumulated interest or dividends are insured in addition to the above limits.

4. The primary insurer National Credit Union Share Insurance Fund (NCUSIF) insures
the first $250,000 of the above deposit limitations. However, retirement accounts now
carry $250,000 in primary deposit insurance from the NCUSIF.

5. IRA Accounts are unlimited and in addition to any other account coverages.

Temporary increase of NCUA insurance to $250,000 in
Emergency Economic Stabilization Act of 2008

On October 3, 2008 President Bush signed the Emergency Economic Stabilization Act

of 2008. This law includes a temporary increase in federal insurance on savings to
$250,000 per account for both NCUA-insured credit unions and FDIC-insured banks
through December 31, 2013.  Please be assured that credit unions and NCUA are part
of this law. Unfortunately, many news reporting agencies have neglected to include the
NCUA in their reporting of this important law, which is causing concern among some
credit union members around the country.

 

If you have any questions on the National Credit Union Administration (NCUA) please 
visit www.ncua.gov.

If you have questions on this information,

please call us at 1-800-562-7328.