hHouston Police Federal Credit Union Online
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July 16, 2008
The news coming from the west coast financial market is shocking. Seeing financial giants like Washington Mutual and IndyMac taking a hit on their mortgage business and subsequent losses in their deposits have people wondering about their own financial institution’s solvency. When you work hard for your money, you want to put it somewhere that it can remain safe. I’ve got great news for you, your money remains safe at Your Credit Union!
The regulating Federal Agency for credit unions is the National Credit Union Administration. Known as the NCUA, this organization rules on insurance coverage for how credit union accounts are insured. They are an independent agency of the United States Government. NCUA regulates, charters, and insures both Federal and State chartered credit unions. All credit unions that are insured by the NCUA are required to display this logo throughout their branches:
Most properly established accounts at credit unions are insured up to $100,000. Retirement accounts such as IRAs are insured up to $250,000. If you have additional funds, they can be insured as well by setting up additional accounts and those accounts will be insured to the same levels. Here’s the best thing to remember though:
Not one penny of insured savings has ever been lost by a member of a federally insured credit union - NCUA.
The risky lending behavior by those banks that are in troubled waters isn’t our practice. We have never participated in the sub prime mortgage business. We know that you trust us with your money, and we will only invest and lend in an appropriate manner. We appreciate the fact that you have chosen to be a member of Houston Police FCU and will always treat your money with the respect that it deserves.
For more information on NCUA, please visit their website: www.NCUA.gov