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Your Funds are Safe & Secure!

These are very unsettling times for all of us, but don’t let the latest news about bank seizures put you in a panic.  Your deposits are very secure at Sierra Point Credit Union.

Here’s why:

1. As a financial cooperative, we answer solely to our members/owners – people just like you who work hard to provide for their families.  We protect and look after your interests, not those of independent stock holders.  We are a not-for-profit financial cooperative with a Board of Directors elected by you and other members.

2. Although we participate in the real estate market, we have not made sub-prime loans.  We have not lowered our underwriting standards and the vast majority of our loans meets the secondary mortgage market standards and can be sold just like any investment.  We are interested in sustainable home ownership and work to ensure that our borrowers are stable for the long-term.

3. Because we are a federally insured credit union, we are required to hold more capital than a bank.

4. In addition, we have almost twice the amount of capital required by the National Credit Union Administration to be considered “well capitalized.”

5. Your regular savings are insured for at least $100,000 by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of our U.S. Government.  Most accounts are insured for more than $100,000 based on how the account is held by more than one owner.

6. Your IRA savings are insured separately for up to $250,000 by the NCUSIF.

7. The NCUSIF is better capitalized than the FDIC because it has had fewer, smaller losses than the FDIC historically and because the size of most credit unions is smaller than most banks. Not one penny on insured savings has EVER been lost by a member of a federally insured credit union. For more information about share insurance, please visit the NCUA’s website at www.ncua.gov.  Follow the links for consumer information.  Your Insured Funds (pdf) brochure.

8. Our August 31, 2008 Income Statement reflects over $97,000 net income. We have less than 1% in reported delinquent loans. We are definitely holding our own during these difficult times.
   
   
9. If you would like information on structuring your account for insurance purposes through the NCUA; our federal insurance please visit this NCUA website: http://webapps.ncua.gov/Ins/

If you have questions that have not been answered, please contact your credit union at 650-588-6140 M-TH:  9 – 4:30 PM and Friday:  10 – 5: 30 PM.  We welcome your calls.

You can reach us by email at info@spcu.org.

Apply for membership today!

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