Over the last fifteen months the COVID-19 pandemic has resulted in an unprecedented increase the rate of member savings. Our Credit Union, like many others, has experienced rapidly rising share balances due to decreased spending and federal relief programs.
Following due consideration and deliberation, we will be introducing an individual member aggregated share cap of $200,000.00; along with a monthly fee of $50.00 in the event account balances exceed the new share cap. As of August 31, 2021, each member’s total share balances will be limited to $200,000.00. Members with a total account balance of more than $200,000.00 will be required to withdraw sufficient funds to reduce their balance below this cap.
This is an attempt to limit the growth in savings in order to benefit our membership. We would like to reassure you that NY TEAM Federal Credit Union is a secure and strong credit union, and that this decision was not taken lightly. The need for this policy will be monitored periodically. Thank you for your understanding in this matter.