Uncertainty in the financial services
industry coupled with bank closings across the country are now
part of the national media's daily cycles. It has become
impossible to escape the potentially fearsome reports. I want
to assure you that as a Sun East member, you can rest easy.
Sun East Federal Credit Union is safe and well positioned to
handle the economic uncertainty that surrounds us. Your
member-owned Credit Union stands ready to help you protect
your hard earned savings and assets.
Your traditional savings, certificates of
deposit and money market accounts are all insured up to
at least $500,000 by the National Credit Union Administration
(NCUA), which is a U.S. government agency.
Additionally, IRAs are insured up to $250,000 by the NCUA. The
NCUA is the credit union counterpart to the FDIC
insurance that you would receive from a bank. Like the FDIC,
the NCUA is backed by the full faith and credit of the
United States Government. In addition, Sun East has
been offering members the added measure of insuring all
savings, certificates of deposit, money market accounts and
IRAs for an additional $250,000 through the
Excess Share Insurance Corporation (ESI) for over 7
years now. This additional benefit of Sun East
membership provides you with unparalleled protection.
So to summarize, at Sun East:
- Your Savings, Certificates and Money
Market Accounts Are Insured Up to $350,000
- Your IRAs Are Insured Up to $500,000
How is Sun East able to offer so much more
deposit insurance than almost every other financial
institution and bank? Simple, Sun East is a well run,
conservative, highly capitalized, community-based financial
institution that has not taken our members' trust for
granted. We have remained focused on our mission of "People
Helping People," and therefore, have remained strong and safe
because of our focus on "people" not "bottom lines and
bonuses." Secondly, credit unions are member-owned and
not-for-profit cooperatives. We exist to serve our
members, not profit from them. Unlike the banks and
brokers, we're not out to force loans on our members just to
make a quick buck – our focus is to build lifelong
relationships.
Sun East has never engaged in
so-called "sub-prime" lending. We have neither
suffered any "sub-prime" loan losses nor are we "at-risk" for
losses caused by "sub-prime" investments. We do not have any
investments in mortgage banks, mortgage servicers, or mortgage
brokers. As a credit union, we are not permitted by our
Federal Regulator, the National Credit Union Administration,
to hold equity investment in any companies; a move that has
supported the value of being fiscally responsible.
Historically, credit unions have not
experienced the kind of problems banks and other financial
institutions have. During the Depression, credit
unions didn't need a bailout. During the Savings and Loan
Crisis of the late 1980s and early 1990s - credit unions were
not the cause or in need of the bailout. And once again today,
credit unions are not the cause of the current financial
crisis. Our capital is strong. Credit unions are strong.
Credit unions have focused on making the right decisions for
all involved and that has caused us to remain a trusted
and strong source of financial services to the
Country.
Sun East Federal Credit Union has
been, is and will be prepared to meet all of your financial
needs; especially your need for safety during this time of
economic turmoil.
If you have any questions regarding your
accounts, please contact us at 610-485-2960 or
800-451-4204.
Sincerely,
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