SALT LAKE CITY – A recent alert from the Utah Department of Financial Institutions on a credit union it says is not state or federally-chartered has resulted in a big misunderstanding claims a company executive. New Century Technologies Inc. Chief Executive James Barrus told the Salt Lake Tribune that he formed a corporation in early March that would eventually serve as a credit union for the company’s employees when he started hiring them. Barrus said he was able to incorporate his company over the Internet but the system is supposed to flag any names with the word “credit union” or “bank.” Orla Beth Peck, UDFI Credit Union Supervisor said in this case, the system did not flag “New Century Technologies Credit Union.” UDFI started receiving calls from consumers wanting to know if the CU was legitimate. When UDFI discovered the new corporation listing, it contacted the state’s Department of Corporations, which pulled Barrus’ credit union incorporation, Peck said. She said Barrus was given a credit union start-up application and a copy of the related law. Peck told the Tribune that “Utahns need to be careful who they are doing business with” and “one of our biggest fears is that someone will come in here claiming they are a credit union or a bank and start taking deposits without having any insurance.”

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