I Love a Good Roller Coaster

At America First Credit Union, I sit in a cubicle near our Deposit Services Department. I hear them helping members and branch employees over the phone on a daily basis. But over the last few days, there are an overwhelming number of calls coming in. Here are the questions: Is my money safe? Is my money insured? Is all my money insured? Should I withdrawal my money and put it under my mattress? HOLD ON!!
On July 11th, IndyMac Bank, the largest savings and loan in the Los Angeles area and the 7th largest mortgage originator in the United States, was closed and the Federal Deposit Insurance Corporation (FDIC) took over. At the same time, the government is dealing with a crisis at Freddie Mac and Fannie Mae, the two largest mortgage finance companies in the nation.
This has now sent people into a crazy frenzy, wondering if their money is safe at America First Credit Union. The funds deposited in your share accounts are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA). This means your financial resources are backed by the full faith and credit of the United States government. (To learn more about Share Insurance try out the NCUA insurance estimator)
It’s a wild ride right now – keep you hands, feet and your money inside at all times!