IndyMac and your Call Center; Shameless Plugs
Last Friday, the FDIC decided to close IndyMac Bank, of Pasadena, California. It was a very big bank failure, and it has raised the question about the federal insurance of bank deposits. Reportedly, police had to keep the calm outside a number of IndyMac branches on Tuesday. Chairwoman JoAnn Johnson of NCUA indicated on Monday that the credit union share insurance fund is in good shape. That being said, many members have contacted their credit unions to ask about share insurance. Well, they asked two questions in particular.
- Are all my shares insured?
- And if not, what can I do?
This is a great time to train staff on basic share insurance issues. This NCUA page contains all of its share insurance resources. For staff putting together a training program, it is a must visit.
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Also, note that NAFCU plans to offer a webcast next week to help credit unions train their front-line staff on how the share insurance system works. Stay tuned.
Finally, NAFCU sells share insurance statement inserts. You may want to consider inserting these in an upcoming periodic statement to educate members.