Losing your money after a credit union has gone bankrupt or closed can be devastating. Fortunately, you may not have lost your money for good. You could even have additional money owed to you through any surplus resulting from the credit union’s asset liquidation. By following these steps, you may be able to reclaim any credit union balance that is owed to you.
In addition to any unclaimed credit union balances under your name, you can recover funds owed to deceased family members if you are the person designated to handle their estate and final affairs. If you’re unsure whether your loved one had an unclaimed credit union balance, it may be worthwhile to check if funds are owed.
If your credit union was insured by the National Credit Union Administration (NCUA), any unclaimed credit union balance you are owed might be held by the NCUA. The NCUA insures participating credit unions up to a specified dollar amount.
The National Credit Union Administration (NCUA) protects:
- Checking accounts
- Savings accounts
To claim your unclaimed credit union balance, you will first need to complete a Member Verification Form. You can get this form from the NCUA website online. Once completed, send in your Member Verification Form with the necessary documentation to the Asset Management and Assistance Center.
When submitting a claim for unclaimed credit union balances, the documents that you will need to provide (which verify your identity and your right to receive the funds) may include:
- Proof of your identity, like a driver license
- Proof of your mailing address, like a utility bill
- Proof of your credit union membership, like your financial records
If you are claiming an unclaimed credit union balance on behalf of a deceased loved one, in addition to the above, you may be asked to prove that you are the individual responsible for handling the account holder’s estate.
Unclaimed credit union balances held by the NCUA are only insured for 18 months following the credit union’s closure. However, any surplus assets that may be owed to you can be claimed for an extended period, especially if they did not arise until years after the credit union’s bankruptcy.
If you have any additional questions or need more information about the claim process, you can contact the National Credit Union Administration.