UPDATE...Oct. 7, 2008
Your deposit insurance has increased to $250,000 by the NCUA.
September 29, 2008
Hello to all of our loyal members,
Recently we’ve all heard about some big banks
closing or being taken over by the government
due mainly to their involvement with subprime
mortgages. Because headlines and soundbites
can be a little alarming, I want to assure
you that Velocity Credit Union is safe, sound and secure with a healthy
balance sheet and a strong capital ratio of over 10%.
Velocity did not get involved in any way with the subprime mortgages
that you hear so much about. As a non-profit credit union our focus is
on you, our members, not sky-rocketing profits that often involve high
risk. We have continued to make traditional loans to our members
and to make sound decisions regarding investments.
Your money is safe with us. The National Credit Union Share Insurance
Fund (NCUSIF) insures a person’s savings up to at least $100,000—with
higher coverage available if you have a combination of individual,
joint, trust, and other types of accounts. If you’d like to read more
about federal share insurance, see the NCUA brochure entitled “Your Insured Funds”. Thank you
for your business, your confidence, and continued loyalty to Velocity.
Thank you for being a member of Velocity. I know you have a lot of
choices when it comes to fulfilling your financial needs and it means
a lot that you have chosen us.
Best regards,
Debbie Mitchell, President
Velocity Credit Union
