|
Bayer Heritage Federal Credit Union is a full service financial
cooperative, which offers a complete range of loan products including
mortgages and home equity loans. Bayer Heritage Federal Credit Union also has IRAs, Certificates, Checking Accounts, and Debit/ATM
Cards.
Bayer Heritage Federal Credit Union is a wholly owned member
cooperative that provides financial services to the employees
of Bayer Corporation and their families as well as other organizations
and communities (click
here for specific
membership eligibility).
Bayer Heritage Federal Credit Union
"A Profile"
Bayer Heritage Federal Credit Union was founded and Federally
chartered in 1957 as Mobay Employees Federal Credit Union.
On March 13, 1995, we changed our name to Bayer Employees' Federal Credit Union.
We serve approximately 24,000 members, and we are still growing!
We are a full service financial cooperative offering a wide array of savings
and lending products. We have assets of $169 million plus and growing! Bayer Heritage Federal Credit Union is committed to providing superior service to its member/owners.
Our Mission
Bayer Heritage Federal Credit Union is dedicated to providing
a safe and secure financial institution in an ongoing concern
which offers a full range of competitive financial services within
the National Credit Union Administration guidelines, while recognizing
the needs of individual members without compromising the needs
of the overall membership.
Our Board
Board of Directors
| Jane Yonaley |
Chairman |
| Walton Christman |
Vice Chairman |
| Charlie Racer |
Treasurer |
| Wayne Weber |
Secretary |
| Pete Prettyman |
|
| Dale Trembly |
|
| Willie Baker |
|
Supervisory Committee
| Steve Pallisco |
Chairman |
| Eva Starkey |
|
| Kaye Forbes |
|
Member Support
Your Credit Union Supervisory Committee would appreciate your
input. We would welcome the opportunity to address your questions
or problems.
We would also like hearing about the things that the Credit Union
does to satisfy you. We will address your problem and respond
(in writing or via e-mail) as soon as possible.
Confidentiality will be honored upon your request of all comments
and concerns that are submitted.
Thanks,
Your Credit Union Supervisory Committee
Share Insurance
The shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC). The NCUA Share Insurance Estimator is an educational resource about share insurance and gives a detailed explanation of insurance coverage
Here are some important facts to remember about your share insurance:
Not one penny of insured savings has ever been lost by a member of a federally insured credit union. The federal insurance fund has several programs to help insured credit unions which may be experiencing problems. Liquidations or failures are a last resort. If a federally insured credit union does fail, however, the NCUSIF will make any necessary payouts to the credit union’s members. These payouts are usually done within 3 days from the time the credit union closes its doors.
As a member of an insured credit union, you do not pay directly for your share insurance protection. Your credit union pays into the NCUSIF a deposit, and an insurance assessment, based on the total amount of insured shares and deposits in the credit union. Insured credit unions are required to deposit and maintain one percent of their insured shares and deposits in the NCUSIF. The NCUSIF is backed by the full faith and credit of the United States government.
Most properly established share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), which is $100,000. Recent legislation has increased the insurance coverage on certain retirement accounts, such as IRAs, up to $250,000. Generally, if a credit union member has more than one account in the same credit union, those accounts are added together and insured in the aggregate. There are exceptions, though. You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. For example, if you have a regular share account and an Individual Retirement Account (IRA) at the same credit union, the regular share account is insured up to $100,000 and the IRA is separately insured up to $250,000. However, if you have a regular share account, a share certificate, and a share draft account, all in your own name, you will not have additional coverage. Those accounts will be added together and insured up to $100,000 as your individual account. Additionally, shares denominated in foreign currencies are insured as outlined in NCUA Rules and Regulations.
Coverdell Education Saving Accounts, formerly education IRAs, are insured as irrevocable trust accounts and will be added to a member’s other irrevocable trust accounts and insured up to the SMSIA. Roth IRAs will be added together with traditional IRAs and insured up to $250,000.
Additional coverage is available on revocable trust or payable on death accounts. You can now name a parent or sibling as a beneficiary to get separate coverage. Previously, beneficiaries had to be a spouse, child or grandchild.
The rules on joint accounts have been simplified. A co-owner’s interest in all joint accounts in the same credit union will be added together and insured up to the SMSIA.
What types of accounts are insured?
All types of member share accounts and deposits received by the credit union in its usual course of business, including regular shares, share certificates, and share draft accounts are insured. Investment products offered by a credit union to its members, such as mutual funds, annuities, and other non-deposit investments are not insured by the NCUSIF.
Is NCUSIF share insurance coverage increased by placing funds in two or more of the same kind of share accounts in the same credit union?
No. NCUSIF share insurance is not increased merely by dividing funds owned by the same person or persons into one or more of the different kinds of share accounts available. For example, a regular share account, a share draft account and a share certificate account owned by the same member are added together and insured up to the $100,000 SMSIA. Insurance can be increased by opening a different type of account - one that is held in a different right and capacity. For example, insurance on a single ownership account is separate from insurance on a joint account.
If a member has accounts in several different insured credit unions, will the accounts be added together for the purpose of insurance coverage?
No. Share insurance is applied to share accounts in each insured credit union. A member who has share accounts in two or more different insured credit unions would have coverage up to the full insurable amount in each credit union. In the case of a credit union having one or more branches, the main office and all branch offices are considered as one credit union.
Click Here to Watch the Share Insurance Video
|
