Credit unions are safe, secure
In today’s financial marketplace, consumers are becoming increasingly concerned about the safety and soundness of their money. The recent failure of several financial institutions and current financial crisis, as well as the overall economy, have people very anxious. It is critically important for consumers to have confidence in their financial institution and the regulatory safeguards that are in place to help protect them.
The public should know that New Mexico credit unions are safe and sound financial institutions. The deposits of New Mexico’s 615,630 credit union members are federally insured by the National Credit Union Administration (NCUA) and backed by the full faith and credit of the United States government. Every member’s account is federally insured up to $100,000 and retirement accounts are insured up to $250,000. And as some lawmakers recommend raising that coverage to $250,000 for bank accounts, national credit union representatives are working to make sure the coverage will extend to credit unions.
In the history of the insurance fund, not one penny of insured savings has ever been lost by a member of a federally insured credit union. In addition New Mexico credit unions as a whole are in very strong shape and very well capitalized. Credit unions set aside extra capital to serve as a safety net should any losses occur. New Mexico credit union members can rest assured that their deposits are safe and sound.
In economically challenging times, consumers not only need a good deal, but also a provider they can trust. Who better to help them than an organization whose mission is people helping people?
To learn more about your insured savings, visit the following websites:
NCUA Share Insurance Estimator