1st Choice Credit Union Conservatorship Frequently Asked Questions

• Yes, member accounts at 1st Choice 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 NCUA placed 1st Choice Credit Union into conservatorship on June 14, 2024. In a conservatorship, the NCUA’s priority is to protect the assets of the members of 1st Choice 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 1st Choice Credit Union.

A conservatorship means the NCUA has assumed control of 1st Choice Credit Union to ensure its financial stability and safe-and-sound operation. In a conservatorship, the NCUA works to address issues related to a credit union’s operations and financial condition while maintaining member services.

• Yes, member services at 1st Choice Credit Union will continue uninterrupted. You can contact 1st Choice Credit Union by telephone at 404-832-5800 or in person at one of the credit union’s branches or ATM locations.
  
  See 1st Choice Credit Union's webpage for branch information.
• 1st Choice Credit Union’s branches are open Monday through Friday from 8:30 a.m. to 4:00 p.m. Eastern.

Through a conservatorship, the NCUA seeks to resolve operating issues at the credit union with the goal of protecting member assets and seeking a resolution to identified problems. The NCUA has made no decisions about the long-term future of the credit union; however, continued service to members is a priority.

In working to resolve issues affecting 1st Choice Credit Union, the top priority is to protect the interests of the credit union’s members, and the NCUA has no set timeframe for completing this process.

1st Choice Credit Union serves 6,709 members, according to its most recent Call Report.

The credit union has assets of $38,649,857, according to its most recent Call Report.

1st Choice Credit Union is a state-chartered, low-income designated, minority depository credit union that serves employees of Grady Hospital, Morehouse School of Medicine faculty, Emory University School of Medicine faculty, Southside Healthcare, Atlanta Life Insurance Company, South Fulton Community Development Corporation, credit union staff, and family members.