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How Safe Is Your Money?
With the current gloom on Wall Street recent negative trends in the market have a lot of you concerned about how your money is insured. How safe is your money?
According to CUNA:
Credit unions as a whole are healthy, with strong balance sheets.
- Credit unions are well capitalized. Their overall capital-to-asset ratio stands at a very solid 11.1% (compared to 10% for banks)
In dollars, that's a capital cushion of $90 billion. Credit unions have steered clear of the sub prime mess. We're still lending responsibly.
- In the first four months of 2008, mortgages at the credit unions grew faster than all other loans. This at a time when mortgage losses have forced other lenders to scale back or close their doors entirely.
- Why? For one thing, credit unions operate more conservatively and tend to hold more of their mortgage loans in portfolio rather than sell them to Fannie and Freddie on the secondary market.
- Secondly, credit unions are member-owned and not-for-profit cooperatives. We exist to serve our member, not profit from them.
Unlike the banks and brokers, we're not out to force loans on our members just to make a quick buck.
Federal Insurance covers credit unions, too.
- The NCUSIF is administered by the National Credit Union Administration (NCUA), an agency of the federal government. To determine insurance coverage, see the NCUA's insurance estimator at: http://webapps.ncua.gov/ins/
Anyone who lives, works, or worships in the State of Washington can join. Come visit us today! Click here for Locations
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