TAMPA, Fla. – Tampa Bay FCU said yesterday in order to secure member confidence it is doubling, again, the insurance coverage of each account to $500,000 through private deposit insurer ASI.
Officials with the $320 million credit union said they added the so-called excess insurance coverage will add additional protection for retirees and business owners with multiple accounts that may carry them over the maximum limits. The combined deposit insurance reaches up to $500,000.
The move comes just a week after coverage on all federally insured bank and credit union accounts was more doubled to $250,000 per account, to help shore up depositor confidence nationwide.
Tampa Bay FCU reported an $80,000 loss for the first six months of 2008, after a $2.6 million loss for 2007.
