Safe & Sound
Message from the CEO
With the worry and low consumer confidence in the economy, we want you to know that Sarasota Coastal Credit Union is a strong Credit Union, with capital and reserves of over $15,868,000. That means we have ample reserves to weather the mortgage meltdown, rising unemployment and general dissatisfaction with the economy.
Sarasota Coastal Credit Union did not engage in the risky types of mortgage loans that you have read about. Your assets are safe with Sarasota Coastal Credit Union. It is true that real estate loan defaults have increased and had a negative affect on net income and our ability to add to reserves.
In light of the news, we thought our members may have some questions or concerns regarding how Sarasota Coastal Credit Union federally insures their money. Here are points of reference:
As the NCUA brochure in our lobbies makes clear, the shares in Sarasota Coastal Credit Union are insured by the National Credit Union Share Insurance Fund (NCUSIF), where not one penny of insured savings has ever been lost by a member of a federally insured credit union. This fund is backed by the full faith and credit of the United States Government. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of a three-person board. You may read about the details in an online format at the NCUA website.
Each Sarasota Coastal Credit Union member is federally insured up to at least $100,000 by the NCUSIF. Many families can increase the amount of share insurance they receive by the appropriate structuring of deposits in various individually and jointly held accounts.
Traditional and Roth IRAs and KEOGH retirement accounts are insured separately up to $250,000 by the NCUSIF. A NCUA Share Insurance Estimator is also available for your convenience here.
We hope these resources address any concerns our members may have, and that this information reassures you that even in hard economic times, you can feel confident entrusting us to safeguard your hard-earned money and to meet your credit needs.
It is our priority to earn your trust and constantly strive to exceed your highest expectations. Whether you save or borrow, you can benefit in many ways at Sarasota Coastal Credit Union. And you can enjoy peace of mind knowing that your Credit Union is well managed and financially healthy.
Additional Resources:
Visit the National Credit Union Administration's web site.
Read the Credit Union National Association Fact Sheet on CU Safety & Soundness.
|
