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Safety, Soundness and Security — Your Credit Union Remains Strong
- Financial stability you can trust
- Federally insured
- Money to lend
- Great competitive rates
- We’re here for you
Dear Members,
In this time of financial insecurity, PTFCU wants you to know that you can count on us for the safety, security and soundness of your accounts. Your funds are federally insured for up to $250,000 by the National Credit Union Association (NCUA) and backed by the full faith and credit of the United States Government. Traditional and Roth IRAs are separately insured up to $250,000. PTFCU monitors the economic situation we are facing on a daily basis. Plus, not one penny of insured savings has ever been lost by a member of a federally insured credit union.
Multiple accounts can be structured to provide additional coverage. Here's an example of how a husband and wife may have federally insured accounts totaling $1,500,000:
| Individual Accounts |
| Husband |
$250,000
|
| Wife |
$250,000
|
|
Joint Accounts
|
| Husband and Wife |
$500,000
|
|
Revocable Trust Accounts
|
| Husband as Trustee for Wife |
$250,000
|
| Wife as Trustee for Husband |
$250,000
|
|
Total Insured
|
$1,500,000
|
PTFCU has achieved savings and loan growth, reduced the cost of operations, kept a sound investment portfolio and maintained excellent liquidity and a net worth position of over 23%.
That is one of the highest in the nation and significantly more than required by NCUA. Keeping and maintaining safety and soundness is an important value of PTFCU membership. Constant assessment of our financial condition in the present economic climate is our top priority while maintaining our conservative heritage to protect members’ funds.
Join our credit union family today!
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A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
Credit unions serve groups that share something in common. Credit unions are closely regulated like other financial institutions. The National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at more than 9,000 federal and state-chartered credit unions nationwide. Deposits are insured up to $250,000.
How is a credit union different from a savings & loan or a bank? These other types of financial institutions accept deposits and make loans but unlike credit unions, they are in business to make a profit because they are owned by groups of shareholders whose interests include a good return on their investments.
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