MADISON, Wis. (9/29/08)--Credit unions nationwide are sending letters to their local media touting credit unions' strength and security.
The letters were triggered by media reports stating that consumers should place their deposits in Federal Deposit Insurance Corp. (FDIC)--insured accounts.
Credit unions' funds are guaranteed under the National Credit Union Share Insurance Fund (NCUSIF), to the same levels and safety as FDIC-insured accounts, according to a letter sent to all print and broadcast media in the Dayton, Ohio, written by Douglas Fecher, president/CEO, Wright-Patt CU, Fairborn.
The North Carolina Credit Union League noted that Allegacy FCU, Winston-Salem, N.C., was spotlighted by a local television news station concerning the safety and soundness of the credit union (use the link to watch the video).
No penny has ever been lost in an account with the NCUSIF, Allegacy CEO Ike Keener said in the video.
AmeriChoice CU, Mechanicsburg, Pa., sent a letter to the editors of local media emphasizing the credit union's safety and soundness. "Our asset base is solid and growing while our loan portfolio remains healthy with minimal delinquency. We were awarded one of the highest grades by the National Credit Union Administration (NCUA) during our last financial examination," the credit union said.
Tobyhanna Army Depot FCU, Scranton, Pa., also sent in a press release to editors. "All Pennsylvania credit unions are backed by full faith and credit of the U.S. government and the NCUA," wrote Jim Kanaley, Tobyhanna CEO.
"Credit unions are the stewards of their members' hard-earned money and take that responsibility seriously," he wrote. "Investments are made conservatively and credit unions cannot be bought and sold as commodities."
Many credit unions also posted messages to their members on their websites. UW CU, Madison, Wis., posted on its website a letter to its members, assuring them of safety and soundness. It also included the credit union's August financials. A member noted that the credit union prominently displayed the letter and the chart of the credit union's financials was "compelling."
courtesy of cuna.org