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  • Mid East Tennessee Community Credit Union

    Conservatorship Frequently Asked Questions

     

    Is my money safe and secure?

     

    • Yes, member accounts at Mid East Tennessee Community 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.

     

     

    What is the current status of Mid East Tennessee Community Credit Union?

     

    • The NCUA placed Mid East Tennessee Community Credit Union into conservatorship on April 23, 2019.  In a conservatorship, the NCUA’s priority is to protect the assets of the members of Mid East Tennessee Community Credit Union while working to maintain safe- and-sound credit union operations.

     

    What is the National Credit Union Administration?

     

    • 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 Mid East Tennessee Community Credit Union.

     

    What is a conservatorship?

     

    • A conservatorship means the NCUA has assumed control of Mid East Tennessee Community Credit Union to ensure its financial stability and safe-and-sound operation while maintaining member services.
     

    Can I still conduct business at Mid East Tennessee Community Credit Union?

     

    • Yes, member services at Mid East Tennessee Community Credit Union will continue uninterrupted.  You can contact Mid East Tennessee Community Credit Union by telephone at 423-334-2100 or in person at the credit union’s office located at 17640 State Highway 58 North, Decatur, Tennessee.

     

    • In addition to its main office, Mid East Tennessee Community Credit Union operates a branch office at 103 West Washington Avenue, Athens, Tennessee.

     

    • The credit union’s main and branch offices are both open Monday through Friday from 10 a.m. to 5 p.m. Eastern.

     

    What are NCUA’s plans for operations at Mid East Tennessee Community Credit Union?

     

    • 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.

     

    How long will this conservatorship last?

     

    • In working to resolve issues affecting Mid East Tennessee Community 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.

     

    How many members are affected by the conservatorship?

     

    • Mid East Tennessee Community Credit Union serves 1,855 members, according to its most recent Call Report.

     

    How big is Mid East Tennessee Community Credit Union?

     

    • The credit union has assets of $12,093,966, according to its most recent Call Report.

     

    What is the field of membership of Mid East Tennessee Community Credit Union?

     

    • Mid East Tennessee Community Credit Union serves persons who have a residence, work, worship, volunteer, have a relative, or participate in programs to alleviate poverty or distress in Meigs, Rhea, or McMinn counties.

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