The Union Credit Union Closure
Information for Members
DFI has compiled the following information about The Union Credit Union closure.
Q&A Guide Regarding the Closure:
About the Closure
The Washington Department of Financial Institutions (DFI) closed The Union Credit Union of Spokane, Washington on Friday, October 29, 2010, citing loan losses that resulted in negative equity. No advance notice is given to the public when a financial institution is closed.
Immediately following the closure, DFI named the National Credit Union Administration (NCUA) as the liquidating agent of The Union Credit Union.
The NCUA immediately signed an agreement with Alaska USA Federal Credit Union to assume loans (except share secured loans) and assets.
The NCUA also signed an agreement with Numerica Credit Union to assume all deposits and membership.
Numerica Credit Union and Alaska USA Federal Credit Union will be sending letters to all members of The Union Credit Union describing the new relationship.
Any member who has not received a letter from Numerica and Alaska USA concerning their share and loan accounts by November 5, 2010, should contact:
- Credit Union Service Center: 866-242-0715
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About the Acquiring Credit Unions
- Alaska USA Federal Credit Union of Anchorage, Alaska will assume all loans and assets of The Union Credit Union.
- Numerica Credit Union of Spokane Valley, Washington will assume all deposits and membership.
Numerica Credit Union and Alaska USA Federal Credit Union will be sending letters to all members of The Union Credit Union describing the new relationship.
Any member who has not received a letter from Numerica and Alaska USA concerning their share and loan accounts by November 5, 2010, should contact:
- Credit Union Service Center: 866-242-0715
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Your Deposits Are Insured Up To $250,000
Each member account is insured to at least $250,000 by the National Credit Union Share Insurance Fund.
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Credit Union Services
The Union members should not experience any interruption of credit union service.
- The Union members can access their funds by writing checks or using ATM or debit cards at previously designated share branches.
- Checks will continue to be processed.
- The Union members will no longer be able to use services at The Union Credit Union headquarters. The Union customers can access their funds by writing checks or using ATM or debit cards at Numerica branches or with any credit union that participates in the CU Service Center® Shared Branching Network. The nearest Numerica Credit Union branch is at 301 North Havana, Spokane, Wash. To locate a Shared Branch in your area, visit www.cuswirl.com or call 1.888.287.9475
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About Your Loans
Loan customers should continue to make their payments as usual. You will be contacted by Alaska USA Federal Credit Union via mail about the transition.
If you have questions, contact: Credit Union Service Center: 866-242-0715.
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About Your Membership and Deposits
Depositors will automatically become members of Numerica Credit Union. Your deposits will be transferred.
Numerica Credit Union will contact you via mail with more information about the transition. If you have questions, contact: Credit Union Service Center: 866-242-0715.
You will no longer be able to use services at The Union Credit Union headquarters. The Union customers can access their funds by writing checks or using ATM or debit cards at Numerica branches or with any credit union that participates in the CU Service Center® Shared Branching Network. The nearest Numerica Credit Union branch is at 301 North Havana, Spokane, Wash. To locate a Shared Branch in your area, visit www.cuswirl.com or call 1.888.287.947
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Who to Contact with Questions
- Credit Union Service Center: 866-242-0715
Please direct other inquiries to:
Liquidating Agent National Credit Union Administration
4807 Spicewood Springs Road, Suite 5100
Austin, Texas 78759
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Cautions about Phishing Scams
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you. Here is how it works:
- A consumer receives an email which appears to originate from a financial institution, government agency, or other well-known/reputable entity.
- The message describes an urgent reason you must "verify" or "re-submit" personal or confidential information by clicking on a link embedded in the message.
- The provided link appears to be the website of the financial institution, government agency or other well-known/reputable entity, but in "phishing" scams, the Web site belongs to the fraudster/scammer.
- Once inside the fraudulent website, the consumer may be asked to provide Social Security numbers, account numbers, passwords or other information used to identify the consumer, such as the maiden name of the consumer's mother or the consumer's place of birth.
- When the consumer provides the information, those perpetrating the fraud can begin to access consumer accounts or assume the person's identity.
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Information for the Media
Media Contacts
-
Lyn Peters, Director of Communications
PH (360) 902-8731 lyn.peters@dfi.wa.gov -
Linda Jekel DFI Director, DFI Division of Credit Unions
PH (360) 902-8701 dcu@dfi.wa.gov
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