O.F. Toalston Federal Credit Union Conservatorship Frequently Asked Questions

Yes. Member accounts at O.F. Toalston Federal Credit Union remain safe and fully insured up to the maximums established in federal law.

Administered by the National Credit Union Administration, the National Credit Union Share Insurance Fund insures member accounts owned by an individual for 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 NCUA’s online Share Insurance Estimator allows credit union members to estimate their share insurance coverage. Once you provide the required data, the Share Insurance Estimator produces a report with a detailed explanation of insurance coverage.

Members with additional questions about their insurance coverage may contact the National Credit Union Administration’s Consumer Assistance Center toll free at 800.755.1030. The center answers calls Monday through Friday between 8 a.m. and 5 p.m. Eastern.

You can visit the Share Insurance Coverage page of the NCUA’s MyCreditUnion.gov consumer website at any time for more information about insurance coverage.

The National Credit Union Administration placed O.F. Toalston Federal Credit Union into conservatorship on October 7, 2022.

In conservatorship, NCUA’s priority is to protect the assets of the members of O.F. Toalston Federal Credit Union while working to maintain safe-and-sound credit union operations.

The NCUA is an independent agency of the federal government that, among other things, operates and manages the Share Insurance Fund, which insures accounts at all federally insured credit unions, including O.F. Toalston Federal Credit Union.

A conservatorship means the NCUA has assumed control of a credit union in order to ensure the credit union’s financial stability and safe-and-sound operation. In a conservatorship, the NCUA will work to address issues related to the credit union’s operations and financial condition while maintaining member services.

Yes. NCUA will operate O.F. Toalston Federal Credit Union during the conservatorship. O.F. Toalston Federal Credit Union members will have continued access to their funds and member services.

Members may contact O.F. Toalston Federal Credit Union by telephone at 304.673.8570 10 a.m.-4 p.m. Monday through Thursday.

Through a conservatorship, NCUA seeks to resolve operating issues at the credit union with a goal of protecting member assets and seeking a resolution to identified problems.

In working to resolve the issues affecting O.F. Toalston Federal Credit Union, NCUA’s top priority is to protect the interests of the credit union’s members. NCUA has no set timeframe for completing this resolution process.

O.F. Toalston Federal Credit Union has one main office; service to all the credit union’s 175 members continues.

The credit union has approximately $478,884 in assets as of June 30, 2022.

NCUA has made no decisions about the long-term future of the credit union. Continued credit union service for the members, however, is a priority.