Member Deposits Remain Protected to $250,000; Member Services Uninterrupted
ALEXANDRIA, Va. (Sept. 18, 2015) – The New York State Department of Financial Services today took possession of Montauk Credit Union, located in New York, New York, and appointed the National Credit Union Administration as conservator.
Deposits at Montauk Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts at Montauk Credit Union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
The New York State Department of Financial Services placed Montauk Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares.
Montauk Credit Union is a federally insured, state-chartered credit union with 2,893 members and assets of $178.5 million, according to the credit union’s most recent Call Report. Chartered in 1922, Montauk Credit Union serves eligible members subject to the provisions of its bylaws, which could include any person, upon recommendation of any member in good standing and approval of the Board of Directors.
Members who have questions about the conservatorship may review the Montauk Credit Union Frequently Asked Questions document attached to this release and available online here.