In these challenging days for the national economy, we can relieve you of one potential concern, and this is the safety of First Choice Community Credit Union and the money in your accounts here.

First, your accounts are backed by the National Credit Union Share Insurance Fund (NCUSIF), a fund maintained by the U.S. Treasury and administered by the National Credit Union Administration (NCUA). Federal insurance protects your money in share savings, share draft/checking, money market, share certificate, trust, and retirement accounts.

NCUA coverage is to credit unions as FDIC, or Federal Deposit Insurance Corporation, coverage is to banks. Both funds are backed by the full faith and credit of the U.S. government.

And now your deposits at First Choice Community Credit Union are now permanently insured up to $250,000. On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the maximum deposit insurance amount for NCUA deposits to $250,000. Funds may be insured for even more than $250,000, depending on how you establish your accounts. IRAs, which are insured separately, will also be insured up to the $250,000.

Second, First Choice Community Credit Union operates with a safety net of capital that helps us weather temporary setbacks. And, we maintain an "allowance for loan losses."  This additional cushion anticipates losses when some members fail to repay loans.

Third, First Choice Community Credit Union is examined regularly by the Tennessee Department of Financial Institutions to make sure we are engaging in safe and sound operations.

We at First Choice Community Credit Union can assure you that your money is safe!