|
October 1, 2008
Dear Valued Member,
In this time of uncertainty in the financial services industry, I know how concerned you are about the security of your funds. And, I know how important it is to keep clear channels of communication open to you, our members. To help facilitate this, I wanted to talk to you about why there is no need to worry about your funds here at TEFCU.
|
| With 100 quarterly newsletters behind us, and over 68 years of experience in the financial marketplace, the top fiduciary responsibility for our Board of Directors is to ensure TEFCU remains safe and sound. As a Federal Credit Union, your shares are backed by the National Credit Union Share Insurance Fund (NCUSIF), a fund maintained by the U.S. Treasury. The NCUSIF is administered by the National Credit Union Administration, an agency of the federal government, which insures your shares up to at least $250,000. And, there are ways to increase that coverage up to $4,000,000 by use of joint, trust, beneficiary, and retirement accounts.
We also have two other safe guards in place. First, we operate with a safety net of capital; if you remember our last annual report, our strength in capital far exceeds that of our peers, and well over two times the capital mandate by NCUA. Second, the U.S. government stands behind the NCUSIF. The “full faith and credit” of the U.S. Treasure assures that your savings are protected up to the federal insurance limits.
As you can see, there are many levels of safe guards in place to help insure and protect your funds here at TEFCU. If you have any questions or concerns with your insurance coverage or any other stories you hear in the news, don’t hesitate to call a Member Services Representative at (202) 832-5100 ext 290. We can even help facilitate the transfer of your funds from your bank to the security of your credit union.
Just remember, we’re always here to ease your mind and to make sure you know that when other financial institutions are having problems with the current economic environment, your money on deposit here at TEFCU is safe and secure.
Sincerely,
Percys Felder
President/CEO
|
