Services available from your credit union 

Founded on the basic democratic premise of the cooperative movement, your Credit Union believes that access to low-cost financial services is critical to the health and stability of ordinary citizens. Credit union membership offers many benefits. Services offered range from simple savings to home equity loans to IRAs. Study after study has revealed that, on average, credit unions provide the best financial offerings with fewer fees, lower rates on loans and higher rates on savings. The Credit Union makes such loans without regard to race, color, religion, national origin, sex, handicap, or familial status. This credit union is federally insured by the National Credit Union Administration.  

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IMPORTANT NOTICE

This is to inform you of the changes made to the MEMBER'S CHOICE® Credit Disability and Credit Life coverages currently being provided through Spirit of America Federal Credit Union.  The following provision changes will be effective August 1, 2011.

We have received approval to increase the maximums for each loan insured under MEMBER'S CHOICE™ Program.  The new maximums are as follows:

 

	Disability Insurance	Credit Life Insurance
Maximum Amount of Loan Insurable	$40,000	$40,000
Maximum Monthly Disability Benefit	$700	N/A

Members presently insured under this program, where the premium is paid monthly, may be automatically eligible for benefits up to the new maximums.  This change does not apply to insured loans which have claims that became effective prior to August 1, 2011.  If you have loans outstanding that exceed the current maximum levels, the premium rates will apply to your actual loan balance up to the new maximum.  If you fall into this category, your coverage and premium will increase accordingly.

There is no action necessary on your part to continue coverage if you already have it.  In the event you do not want coverage to continue, please notify the credit union.