Your Insured Funds

Click to hear about federal insurance for your savings at credit unions

Insurance Fund Information:
As of 10/3/2008, share insurance coverage has increased to $250,000. This will be in effect until 12/31/2009.

What is the Standard Maximum Share Insurance Amount or SMSIA for NCUSIF share insurance coverage?
The SMSIA for a credit union member is defined in NCUA's Rules and Regulations, as $250,000 and may be increased from time to time. Share accounts maintained in different rights or capacities, or forms of ownership, may each be separately insured up to the $250,000 SMSIA, or in the case of certain retirement accounts, up to $250,000. Thus, a member may hold or have an interest in more than one separately insured share account in the same insured credit union.

What types of accounts are insured?
All types of member share accounts and deposits received by the credit union in its usual course of business, including regular shares, share certificates, and share draft accounts are insured. Investment products offered by a credit union to its members, such as mutual funds, annuities, and other non-deposit investments are not insured by the NCUSIF.

Is NCUSIF share insurance coverage increased by placing funds in two or more of the same kind of share accounts in the same credit union?
No. NCUSIF share insurance is not increased merely by dividing funds owned by the same person or persons into one or more of the different kinds of share accounts available. For example, a regular share account, a share draft account and a share certificate account owned by the same member are added together and insured up to the $250,000 SMSIA. Insurance can be increased by opening a different type of account - one that is held in a different right and capacity. For example, insurance on a single ownership account is separate from insurance on a joint account.

How does NCUSIF share insurance protect credit union members against loss?
Each credit union approved for NCUSIF share insurance must meet high standards of safety and soundness in its operation. Adherence to these standards is determined regularly through credit union examinations by federal and state examiners. If an insured credit union gets into financial difficulties and must be closed, the NCUSIF acts immediately to protect each member's share account.

For a full listing of all Insurance Fund information click the following link: http://www.ncua.gov/Publications/brochures/insured_funds/funds.pdf

President's Letter to Members

Dear WyHy Federal Credit Union Members,

To say 2009 was an interesting year would be an understatement. As we approach 2010, the economy is still at the top of everyone's mind. While uncertainties about the status of the economy remain, WyHy remains a sound, secure and safe financial institution. WyHy's top priority is our membership. WyHy is owned by its members. WyHy is a "not for profit" organization. These are the founding principles of credit unions. During times like these, the difference between credit unions and other financial institutions become clearer than ever. Experts across the nation are touting credit unions for their safety, soundness, better rates and lower fees. I encourage you to refer credit unions to your friends and families, now is the time to make the switch from the big banks!

As a member-owned institution, we make decisions for the benefit of our membership. You often hear financial institutions are not lending. We are! In 2009, while most financial institutions had no loan growth in 2009, WyHy grew loans 19%, while most financial institutions had higher delinquencies, WyHy's dropped. As a result of the trust you place in us, and the efforts of our staff, your credit union has grown successfully in 2009. Without a doubt, your credit union continues to do well during these challenging economic times. The reason for these successes is simple; we continue to make decisions that benefit our members.

At WyHy, we strive to offer personalized solutions that meet the individual needs of our members. We see this approach as a way to respect what our members want and need from their financial institution. When we listen to our members, we recognize that you care about your community. We are committed to supporting communities throughout Wyoming not only through monetary donations, but with our time and talent. By supporting the local agencies that serve you, we hope to positively impact your overall quality of life. Some of these agencies we supported this year include, Adopt a Family, Adopt a Soldier, Cell Phone for Soldiers, Cheyenne Animal Shelter, Meals on Wheels, Boys & Girls Club, Nicolaysen Art Museum, Cheyenne Schools Foundation, Comea Donations, United Way and United Blood Services. At WyHy, giving back to our communities is not a policy it is a principal.

As we enter 2010, rest assured that the Board of Directors and staff are committed to maintaining WyHy's safety, soundness and financial strength. We look forward to continuing our efforts in providing you with the most competitive products and services and by rewarding your loyalty with our SmartPoints program. The rewards program that gives you the ability to decrease certain loan rates, increase certificate of deposit rates and waive certain service fees. I'm also excited to announce that we will be introducing a new credit card program and Business Account Solutions, so stay tuned for more details in the coming months.

I am proud of WyHy's continued strength and security and would like to thank you for its growth and your membership.