DERBY LINE, VT - The National Credit Union Administration (NCUA) notified customers of the Border Lodge Credit Union by letter yesterday that the NCUA placed the credit union into "involuntary liquidation" on Nov. 30, 2012.
The National Credit Union Share Insurance Fund (NCUSIF) insures each member account up to $250,000 and certain retirement accounts up to an equal amount. The insurance is good for 18 months following the seizure.
Because of the liquidation, customer accounts are now held by NCUA.
Customers received notices telling them what their share and loan balances were at the end of last month. If someone's share was less than or equal to $10,000, the person received a check for the amount, except individuals with accounts that were 30 days or more delinquent or had used their collateral as pledge against a loan.
If someone had a balance greater than $10,000, he or she received a check for that amount plus instructions on how to claim any balance.
"Please understand that every effort is being made to return your funds as quickly as possible," states the letter.
Customers who had a loan with Border Lodge may continue having payroll deductions make payments, but if those deductions do not apply to alone, the customer is instructed to stop payment immediately.