Pennsylvania Credit Union Association
Credit Unions Are Safe and Secure
7/16/2008
CREDIT UNIONS ARE SAFE AND SECURE
ALL Pennsylvania Credit Unions are Federally-Insured
July 16, 2008
HARRISBURG – Pennsylvanians who have their hard-earned dollars in credit union accounts can rest assured that their money is indeed safe and secure. All 592 credit unions headquartered in the Commonwealth of Pennsylvania are backed by the full faith and credit of the United States Government. These credit unions currently have $27 Billion in assets and serve nearly three and a half million members throughout Pennsylvania
Credit unions are insured through the National Credit Union Share Insurance Fund (NCUSIF) and are regulated by National Credit Union Administration (NCUA), while banks and thrifts are insured by the FDIC. The National Credit Union Share Insurance Fund (NCUSIF) insures savings of at least up to $100,000 per account (with additional coverage of up to $250,000 for certain retirement accounts). For more information on federal share insurance, see the NCUA brochure “Your Insured Funds,” available at http://www.ncua.gov/Publications/brochures/insured_funds/funds.pdf.
The NCUA recently reported that the NCUSIF at mid-year remained strong, with an equity-to-insured deposits ratio estimated at 1.24% as of June 30 and projected to rise to 1.28% by year end.
In 2008, savings in credit unions have grown nearly 7%. Research estimates that Pennsylvania credit unions provided $387,495,140 in direct financial benefits to the state’s 3,388,545 members during the twelve months ending December 2007. These benefits are equivalent to $114 per member or $217 per member household. As not for profit cooperatives, credit unions typically offer higher savings and lower loan rates than other financial institutions. To find a credit union to join, visit www.iBelong.org.
The Pennsylvania Credit Union Association, based in Harrisburg, provides legislative, professional development, and operational support and services for 500 credit unions in Pennsylvania.
Resources:
National Credit Union Administration - (www.ncua.gov)
Pennsylvania Department of Banking - (www.banking.state.pa.us)
Pennsylvania Credit Union Association - (www.pcua.coop)
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