On Friday, October 3, 2008, the Emergency Economic Stabilization Act of 2008 was signed into law by President Bush.  This act requires the National Credit Union Administration (NCUA)- a government agency that administers the National Credit Union Share Insurance Fund - NCUSIF - to increase share insurance protection to at least $250,000 on all types of accounts until December 31, 2009.

You can rest assured that your funds are safe and secure at Gulf States Credit Union.  Not one penny of insured savings has ever been lost by a member of a federally insured credit union, such as Gulf States.

For more information visit the NCUA Website.

SHARE INSURANCE
A person holding an interest in more than one joint account may receive $250,000 insurance coverage on the total of his/her interests in those joint accounts.  Actual coverage is determined as follows:

STEP 1 - All joint accounts owned by the save combination of individuals are added together and are insured up to $250,000.

STEP 2 - The person's insured interests in each remaining joint account (those owned by different combinations of individuals) are added together and insured to $250,000 less the person's interest in STEP 1.

For example, assume the H and W own a joint account containing $220,000 and H and C own a joint account containing $100,000.  Since the interest of the co-owners of a joint account are deemed equal for insurance purposes (except in the case of a tenancy in common if unequal interests are shown on the account records of the credit union), H has an interest of $110,000 in the account with W, and an interest of $50,000 in the account with C.  H would have insurance of $160,000.  W would have insurance of $110,000 and C would have insurance of $50,000.  In this example, all of the funds held in the two joint accounts would be covered.

The following illustrations show how typical families may use multiple ownership of accounts to increase the insurance coverage for their family funds.  In all cases, the accounts illustrated must meet the share insurance coverage requirements as published in the code of Federal Regulations (12 C.F.R. Part 745).

Family of Two
Family of Two	Husband	Individual		$250,000
	Wife	Individual		$250,000
Joint Tenancy Accounts	Husband & Wife	Joint		$500,000
Testamentary Revocable Trust Accounts	Husband	Trust	Wife	$250,000
	Wife	Trustee	Husband	$250,000
Total:         $1,500,000

Family of Three
Individual Accounts	Husband	Individual		$250,000
	Wife	Individual		$250,000
	Child	Individual		$250,000
Joint Tenancy Accounts	Husband & Wife	Joint		$250,000
	Husband & Child	Joint		$250,000
	Wife & Child	Joint		$250,000
Testamentary Revocable Trust Accounts(For Spouse-Child-Grandchild	Husband	Trustee	Wife	$250,000
	Husband	Trustee	Child	$250,000
	Wife	Trustee	Husband	$250,000
	Wife	Trustee	Child	$250,000
TOTAL:    $2,500,000

Family of Four
Individual Accounts	Husband	Individual		$250,000
	Wife	Individual		$250,000
	Child #1	Individual		$250,000
	Child #2	Individual		$250,000
Joint Tenancy Accounts	Husband & Wife	Joint		$250,000
	Husband & Child #1	Joint		$250,000
	Wife & Child #2	Joint		$250,000
	Child #1 & Child #2	Joint		$250,000
Testamentary Revocable Trust Accounts (for spouse-child-grandchild)	Husband	Trustee	Wife	$250,000
	Wife	Trustee	Husband	$250,000
	Husband	Trustee	Child #1	$250,000
	Wife	Trustee	Child #1	$250,000
	Husband	Trustee	Child #2	$250,000
	Wife	Trustee	Child #2	$250,000
TOTAL:      $3,500,000