| Accounts are generally considered abandoned
if a deposit or withdrawal is not made over a period of
time, generally from one to five years. This may be true
even in cases where CD's (Certificates of Deposit)
automatically "roll-over." Unclaimed shares
from failed credit unions are handled by the National
Credit Union Administration. NCUA is an independent
agency that supervises and insures over 7,329 federal
credit unions and 4,538 state-chartered credit unions.
When a
federally-insured credit union is liquidated, NCUA assumes
responsibility for paying share accounts to members. The
National Credit Union Share Insurance Fund (NCUSIF)
insures member deposits up to a $100,000 limit. Since
1990, more than $331 million has been paid out to well
over 100,000 shareholders.
For those
who owned accounts at a branch no longer in existence,
the funds may well have been transferred to a successor
institution after a merger or acquisition. Even in the
event the bank failed and simply closed its doors, do not
necessarily assume your funds are lost forever.
For assistance in determining the status of your lost
credit union share account, go to:
Credit
Union Search
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