Between recent headlines about the banking industry and the continued uncertainty of the global economy, we felt like this is the perfect time to remind you that Carpenters Credit Union is here for you, our members. Your Credit Union is safe and strong, just as we have been since 1954.
Most importantly, we want to let you know that your funds deposited in this Credit Union are safe. Also, your accounts are fully insured by the National Credit Union Share Insurance Fund (NCUSIF) up to at least $250,000 per individual. (If a member has over $250,000 on deposit, options are provided for additional share insurance coverage because the for other accounts/ownership structures).
While the economy has felt fragile and unpredictable over the past several months, Carpenters Credit Union remains exceptionally strong. We far exceed the regulatory definition of “well-capitalized” and continually operate within the regulatory definition of “safe and sound” practices. So our members can rest easy, knowing we’re better prepared to weather whatever may come.
We’ll continue to provide you with the solutions that you need and help you save with lower fees and competitive rates. It’s our commitment to you, and it doesn’t change in challenging times. If you ever do experience financial hardship, please don’t hesitate to reach out. Our staff is here to help, with solutions and assistance for your unique situation.
Credit unions are structured differently than banks. Credit unions can provide you with the same services – opportunities to save, to borrow so you can buy a car or home – but the bottom line is that credit unions are not-for-profit cooperatives. In other words, the credit union is essentially owned by you and your fellow members. During challenging economic times, credit unions remain strong because credit unions don’t profit from motives that are driven by risk. The failed banks are much different than credit unions. They had unique portfolios, focused on tech, venture capital, and cryptocurrency interests. Traditional financial institutions have more diverse portfolios and policies.
Your team at Carpenters Credit Union
P.S. Feel free to spread the word, if you have friends or family members who are concerned about bank failures in the news, tell them about credit unions’ accountable, safe, not-for-profit cooperative structure. We would welcome them to join us.