Northern Federal News

Member Accounts Protected by NCUA

Northern Federal Credit Union is insured by the National Credit Union Administration (NCUA), a federal government agency that charters and supervises credit unions. NCUA operates the National Credit Union Share Insurance Fund.

Share insurance provides all members with $250,000 in coverage for their individual accounts, including regular share savings, checking, money market accounts and share certificates. If you have balances totaling $250,000 or less at Northern FCU, you have full coverage. If you have more than $250,000 at Northern, there are several options for additional coverage through other types of accounts.

Joint Accounts

Joint account holders each receive $250,000 for their interest in the account. For example, a two-person joint account has $500,000 in coverage. This coverage is separate from and in addition to coverage for other individual or retirement accounts.

Retirement Accounts

Legislation in 2006 changed the limits on coverage for retirement accounts. Traditional and Roth IRAs, and KEOGH retirement accounts are all insured for up to $250,000 and are separate from other account coverage. If a member has a regular share savings and an IRA, the share savings is insured up to $250,000 and the IRA is insured up to $250,000.

For more information on share insurance and the safety and soundness of Northern FCU, please visit our Share Insurance Resource Center.

As a Northern FCU member you can rest assured that the credit union is not experiencing the financial woes seen lately at many large for-profit banks and mortgage companies. Northern FCU has been cautious in our lending and investment practices to ensure we remain financially secure for our members.

You're Invited to Northern FCU's Annual Meeting

Join us at our annual meeting to enjoy breakfast, learn about credit union plans and vote for candidates to serve on your Board of Directors. The annual meeting will take place on May 2, 2009, with breakfast served at 9 a.m. before the meeting begins at 9:30 a.m. The event will take place at our Corporate Office (located at 138 Factory St., Watertown, NY 13601). Please enter the credit union on the Corporate side where Lyngs Office Supply Store is located.

Board Election Update

Credit unions are governed by their members through an elected, volunteer Board of Directors. Each year, members age 18 and older can run for election or serve as volunteers on various committees. Board candidates are elected by fellow credit union members at our annual meeting. In 2009, there will be three Board seats up for election at our annual meeting.

To be included on the Board election ballot, you can:

• Be nominated by the Nominating Committee.
• Submit a petition signed by 1% of Northern FCU membership.

Important Dates

Feb. 1, 2009 - Deadline for receipt of nomination requests to the Nominating Committee.
March 18, 2009 - Deadline for receipt of nominations by petition.
May 2, 2009 - Board elections held at annual meeting.

To receive a Board Candidate Information Packet containing information about the responsibilities, qualifications and time commitment required, call 315-779-3184.