Date: August 8, 2013
Time: 3:00pm - 4:30pm
Share insurance coverage is important to your members. It seems to matter most to financially-savvy members with large deposit accounts. However, regardless of a member’s assets, credit union staff must be able to knowledgably answer questions about whether a member’s accounts are fully insured. Being able to confidently answer questions fortifies the trust members have in your credit union. Insurance on individual accounts, joint accounts, payable-on-death accounts, trusts, UTMAs, and business accounts will be covered.
Continuing Education: Attendance verification for CE credits upon request
In this session you will learn proper calculation of federal share insurance on accounts such as:
- How a husband and wife can have $2 million in your credit union and be fully insured
- How a family of 4 can have $4 million and be fully insured
- Why beneficiaries matter (and when they don’t)
- Special rules for accounts over $1.25 million with more than 5 beneficiaries
- Which accounts must be aggregated and which accounts are insured separately
- What credit unions need to have under the share insurance rules
- 5 common mistakes that lead to share-insurance errors
- TAKE-AWAY TOOLKIT
- Share insurance chart
- Examples of coverage
- Links to the NCUSIF calculator and brochures
- Electronic training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for frontline staff, supervisors, branch managers, new accounts personnel, member service representatives, call center representatives and others who talk to members about establishing and managing credit union accounts.