This notice contains very important information about your account(s) at Education Associations Federal Credit Union (Credit Union). We regret to inform you that on Friday, March 4, 2016, this Credit Union permanently closed. It was placed into liquidation by the National Credit Union Administration Board due to insolvency driven by a number of delinquent loans.
At this time, NCUA expects members of the credit union to receive a payout for FDIC insured shares next week. No member of EAFCU had funds that were not insured.
The credit union is a wholly independent organization, not administered by NEA. Many NEA employees had payroll deductions deposited into the credit union account. Deposits via payroll deduction into the EAFCU will cease effective March 18, 2016. Deposits from this week’s payroll have already been made into the share account and will be reflected in the payouts from NCUA.
You will be notified directly by NCUA via postal service in the coming days. That communication will include a brochure entitled, “My Credit Union Has Closed: A Guide to Your Account and Services” a copy of which is here - Brochure. It explains things you need to do and how to contact NCUA.
As that may take time for mail delivery, we wanted to get you information as quickly as possible. Members with balances in excess of $5,000 will have to sign for a FedEx delivery and should keep an eye out for FedEx delivery attempt notifications. Balances of less than $5,000 will be sent via USPS. Please ensure that the address the EAFCU had on file is correct by checking your latest statement. If it is not, please contact NCUA directly via 877-715-0777 or firstname.lastname@example.org.
We are very sorry for any inconvenience this situation may cause you and appreciate your patience in this matter. If you have additional questions, please look to the formal notice you will receive from NCUA next week or contact NCUA directly.
EAFCU Board of Directors