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We have seen all the headlines about turmoil in the financial industry. But as a member of PortAlliance Federal Credit Union, you can rest assured that your money is safe here. Your funds are federally insured, and your credit union is healthy and strong. Here's what you need to know:
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Share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), $250,000 as of October 3, 2008. The Emergency Economic Stabilization Act of 2008 increased the insurance coverage on all accounts up to $250,000 until December 31, 2013.
- Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
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