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Information for Members and Creditors

The following list of responses to frequently asked questions may assist you in understanding what happens at a credit union that is placed into liquidation.

Your Deposits are Safe

The NCUA administers the Share Insurance Fund which protects your accounts up to $250,000. A member’s interest in all joint accounts combined is insured up to $250,000. IRA and KEOGH retirement accounts are separately protected up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States. No credit union member has ever lost a penny of insured funds.

Access to Your Money

NCUA’s Asset Management & Assistance Center (AMAC) will send you a letter with specific information regarding your credit union’s closure. Follow the instructions in the letters you receive in order to expedite the return of all your insured funds at the credit union. If you had an IRA or Keogh account, you will receive a separate letter with instructions pertaining to those accounts. Members with loans will also receive an additional letter with specific information concerning their loans.

Stop Using Your Debit Card, ATM Card, and Checking Account

If you have a debit card or ATM card issued by the closed credit union, you must stop using it and destroy the card. NCUA will issue you a check for the remaining insured funds in these accounts.

Checks you’ve written, currently in process, may not clear. Notify any payees of the situation and arrange alternate payment methods for checks which have not already cleared. Destroy any remaining blank checks in your possession.

Find a New Federally Insured Credit Union

To minimize the disruption to your banking services, you should find another federally insured credit union, or other financial institution, and deposit your funds as quickly as possible.

NCUA’s Credit Union Locator Tool can help you find a new federally insured credit union.

Stop Direct Deposits and Automatic Withdrawals

Immediately redirect any direct deposits to your new financial institution. Direct deposits sent after the date of the credit union’s closure will be returned to the sender.

In addition, the credit union’s bill pay or automatic draft system will end on the date of closure. If you used these services, you will need to arrange an alternative method of payment.

Stop Using Your Credit Card and Continue to Make Credit Card Payments

If you have a credit card previously issued by the closed credit union, stop using it and destroy the card.

Continue to make timely credit card payments. Send payments to the address provided on your credit card statement until AMAC notifies you of a change.

Continue to Pay Your Loans

If you have a loan outstanding through the closed credit union, you must continue to make payments when they are normally due in order to avoid delinquency.

  • Until you receive further instructions, send your loans payments in a check or money order to NCUA-AMAC at P.O. Box 979047, St. Louis, MO 63197-9000.
  • Make the check payable to the closed credit union.
  • Write your account number on the check or money order.

Pledged Shares – If your shares are pledged as collateral on your loan, NCUA will hold your shares in a non-interest bearing account.


If you are owed money for a service or product provided to the closed credit union, you may be eligible to file a claim. Please refer to the Creditor Notice for the specific information on filing a claim. Additionally, you can find general information for creditors with a link to the Proof of Claim Form on the Filing Claims page.

Additional Information

For additional facts for members, borrowers, and creditors of a credit union placed into liquidation, please visit

For information on the systems used and the information collected as part of a federally insured credit union's liquidation, please review the NCUA’s Systems of Records Notices, NCUA-10.


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