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Today’s uncertain economic times have left many consumers worried about the safety of their money. But rest assured – Minnesota credit unions remain healthy and strong! As consumers weather this economic storm, Minnesota credit unions remain a safe haven for members’ deposits.
Today, more than 1.5 million consumers have their money in Minnesota credit unions that are safe and sound. Just as banks have FDIC insurance, your money at the credit union is also backed by the full faith and credit of the federal government. The National Credit Union Share Insurance Fund (NCUSIF) insures a member’s shares on deposit at a credit union up to $250,000.
Not one penny of insured savings has ever been lost by a member of a federally-insured credit union – and every single Minnesota credit union is federally-insured.
For additional information on credit unions and share insurance, visit the National Credit Union Administration online or call the NCUA Share Insurance Call Center between 8 a.m.-3 p.m. (central time) at (800) 755-1030, ext. 1.
Credit Union Facts….
As the entire country is focused on the economy and the most recent developments in today’s changing financial environment, credit unions are also following these developments with great interest.
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As consumers weather this economic storm, credit unions remain a safe haven for members’ deposits. One thing that makes credit unions a safe bet in this economy is that we have not made risky sub-prime loans or invested in hybrid securities. Credit unions operate more conservatively with less risk and focus on serving and educating members.
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Since credit unions are member-owned, not-for-profit cooperatives, we exist to serve our members, not profit from them. Credit unions haven’t been forcing loans on members just to make a quick buck.
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Credit unions are still very interested in making loans – including real estate loans – to our members. There is no liquidity crunch, and our loan rates continue to be favorable compared to most banks and auto finance companies.
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Minnesota credit unions have very strong and stable capital ratios. As of March 31, 2010, the end of the most recent reporting period, that ratio stood at 9.60 percent. The NCUA’s definition of “well capitalized,” which is their highest rating, is 7.0 percent.
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In March, Minnesota credit unions' delinquenty rates dropped for the second consecutive quarter – from 2.31 percent (June 30, 2009) to 2.28 percent (Sept. 30, 2009) to 2.23 percent (Dec. 31, 2009) to 2.04 percent (March 31, 2010).
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By and large, members of the general public do not need to worry about the security of their funds on deposit at credit unions. Funds are insured by the full faith and credit of the U.S. government. Similar to the FDIC, the National Credit Union Share Insurance Fund (NCUSIF) insures a member’s shares on deposit at a credit union up to a minimum of $250,000.
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Not one penny of insured savings has ever been lost by a member of a federally-insured credit union – and every Minnesota credit union is federally-insured.
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Minnesota is home to 154 credit unions, serving more than 1.5 million members statewide.
Discover the Benefits of Credit Unions!
You too can join a credit union and discover the benefits of putting your money in an institution that is focused on serving you!
What makes credit unions different than other financial institutions? To start with, credit unions are structured to support the financial needs of their members. One thing that makes credit unions a safe bet in this economy is that they have not, in large part, made risky subprime loans.
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