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From the desk of Mitzi Tate, President/CEO of Members Exchange Credit Union.
Dear Member:
With growing apprehension and low consumer confidence in the current market economy, we want you to know that Members Exchange Credit Union is a very strong Credit Union, with capital and reserves over $7,270,000.
We’ve all heard the latest news regarding Lehman Brothers filing bankruptcy and about Merrill Lynch agreeing to sell itself to Bank of America Corp. Rest assured, Members Exchange Credit Union has never made the risky types of mortgages that have caused concerns for other financial institutions, such as IndyMac, that has also made the news recently. Your assets are safe with Members Exchange Credit Union.
In light of this recent news we thought you might have some questions or concerns regarding how Members Exchange Credit Union federally insures your money. Here are some quick points of reference.
- The shares in Members Exchange 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, to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board.
- Each Members Exchange Credit Union member is federally insured up to at least $250,000 by the NCUSIF. Many families can increase the amount of share coverage they receive by the appropriate structuring of deposits in various individually and jointly held accounts.
- Traditional and Roth IRAs are insured separately up to $250,000 by the NCUSIF.
We hope this information reassures you that even in rough economic times, you can feel confident entrusting us to safeguard your hard-earned savings. Should you have questions or concerns, please feel free to call us directly at 601-922-3350 or visit any one of our locations.
Sincerely,
Mitzi Tate
President/CEO
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