Safe, Sound and Secure
During such a challenging economic time many are wondering where and
with whom their hard earned dollars are secure. The answer: a credit
union. The reasons for this are tied to the cooperative business model
and philosophy of all credit unions which is:
“Not-for-profit, not for charity, but for service”
Credit unions, like REALTORS® Federal Credit Union, are owned by their members. We have a Board of Directors
who set the policies and strategic direction for the credit union.
REALTORS® Federal Credit Union has no outside shareholders trying to
encourage risk and maximize profit. Here at REALTORS® Federal Credit
Union we are fully committed
to the financial needs of our members. When banking with a credit union
you can be assured that your money is safe, sound and secure.
Safe
According to the Credit Union National Administration
(CUNA) credit unions did not contribute to the financial crisis.
Consumers are now more than ever flocking to credit unions because they
perceive them as safer than commercial banks.
- Credit unions are member-owned, not-for-profit cooperatives.
They’re not looking to push loans on members just for the money.
- Credit unions are mostly being affected by the financial crisis
through members having trouble making payments on other loans because
of subprime mortgages they've gotten elsewhere, or because some members
are losing their jobs in today's down economy.
- Credit unions went into this with a strong balance sheet and will remain strong when it’s all over.
Sound
Credit unions as a whole are doing well. Credit unions grow and become more stable as their membership
grows.
Secure
Both the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Share Insurance Fund (NCUSIF)
provide individual depositors with deposit insurance up to
$250,000 backed by the full faith and credit of the United States
government. In other words: same insurance, different agencies.
- The National Credit Union Administration
(NCUA) is an independent federal government agency that charters and
supervises federal credit unions and insures accounts in federal and
most state-chartered credit unions across the country through the
National Credit Union Share Insurance Fund (NCUSIF), a federal fund
backed by the full faith and credit of the United States government.
- The FDIC was originally funded by American taxpayers and has since
been “bailed out” twice by American taxpayers as late as the early
1990s. There is not now nor has there ever been a dime of taxpayer
money in the NCUIF.
For more information on how your funds are safe, sound and secure listen to Jane Bryant Quinn,
a nationally respected finance expert, talk about how your funds are
federally insured and safe with NCUA coverage. Financial expert Suze Orman also outlines how credit unions are secure in this video.
