Credit Union's Federal Insurance Coverage is now 250k

2

25inIrvine_IHB

New member
<a href="http://www.schoolsfirstfcu.org/promos/0810/letter.asp">Share Insurance Increased to $250,000 </a>



I just noticed that on the front page of the Schools First Credit Union (formerly OCTFCU) website they have posted insurance now goes up to 250k.



It appears this happen to all NCUA insured accounts, did this happen to all FDIC accounts as well? Was this part of the bailout plan?
 
[quote author="halfnote19" date=1223186540]I know it was part of the bailout plan for FDIC insurance to go up to 250k...

It might be the same for credit unions.</blockquote>


Yes, it is part of the same legislation.
 
[quote author="Astute Observer" date=1223325242]How does it affect the economy? How many people are affected by this (that is, how many people has deposit between 100k-250k)?</blockquote>


Regulators are hoping it will prompt many who are in short term treasuries because they have wealth in excess of the old limit to put their money in banks. The easiest way to recapitalize our banking system is through deposits.
 
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