![]() ![]() What are the financial impacts of the charter change? This insurance is similar to the banks’ FDIC insurance. The NCUA provides separate insurance coverage for deposits held in different ownership categories such as individual accounts, joint tenancy accounts, Individual Retirement Accounts (IRAs), and trust accounts. Credit Union deposits will continue to be federally insured by the NCUA, meaning you have up to $250,000 in protection for an individual account. Johns, Suwannee, or Union.ĭoes this impact federal insurance coverage? Membership will be expanded to the following Florida Counties: Alachua, Bradford, Citrus, Clay, Columbia, Dixie, Gilchrist, Hamilton, Lafayette, Levy, Marion, Putnam, St. Your deposits will still be federally insured by the NCUA up to $250,000. In converting from a federal to a state chartered credit union you will see very few, if any, changes related to the new charter. The conversion date will be shortly after the special membership meeting and vote. When can I expect the charter conversion to happen? Ballots must be received by the date and time of the meeting. Members may also vote using the ballot and postage-paid envelope sent prior to the meeting or at any branch location. SunState Federal Credit Union will hold a meeting of the membership to vote on the charter change at our Main Office Branch located at 405 SE 2 nd Place, Gainesville, FL 32601 at 10:00 am December 9, 2020. A notice and ballot will be sent to all eligible members. Credit unions that are state chartered have more flexibility to expand and grow.ĭo members have to approve the change from federal to a state charter? Additionally, state chartered credit unions must comply with rules and regulations from certain federal agencies. Under a federal charter, growth is constrained, limiting membership expansion.įlorida state chartered credit unions are regulated by the Florida Office of Financial Regulations, which regulates all Florida state chartered credit unions and other financial institutions for compliance with the laws and regulations of the State of Florida. What is the difference between a state and federally chartered credit union?įederally chartered credit unions are regulated by the National Credit Union Administration (NCUA). Measured growth will allow us to continue to offer competitive rates on savings and loan products, as well as to continue to improve the technology and services we offer, so that we can remain competitive in the marketplace and provide our membership with exceptional service.The current federal charter limits our ability to grow into new counties. The credit union will have greater flexibility to expand service beyond the current markets we serve today, positioning the credit union for the future.Emphasizing local rather than national focus on issues which are in the best interest of our credit union and our members. Regulators are located in Tallahassee, and the laws and regulations are specifically designed to address the needs of Florida residents. The credit union will be governed by the Florida Office of Financial Regulations.The Board of Directors and management have given careful consideration to the advantages and disadvantages of converting to a state chartered credit union and believe it is in the best interest of SunState Federal Credit Union and our membership for the following reasons: ®Visa is a registered trademark of Visa International.Why did SunState Federal Credit Union apply for a state charter? Qualifying purchases do not include balance transfers, cash advances (including purchases of items that can be traded immediately for cash, such as wire transfers, money orders, traveler’s checks), fees, interest charges, or for unauthorized or fraudulent transactions. Subject to credit approval.ĢOn qualifying purchases. This card is issued by Radiant Credit Union pursuant to a license from Visa ® U.S.A., Inc. Please call the credit union at (352) 381-5200 or 1-87 for any changes that may be in effect after 6/06/22. The rate you pay is based on your credit worthiness. Members who want to take advantage of exclusive benefits and servicesġAll information is accurate as of 6/06/22 and is subject to change. Enjoy contactless cards that ready for mobile wallets Platinum Credit Card Rates ![]()
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