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Your Credit Union A Safe Harbor

Your Credit Union A Safe Harbor

It's unsettling to see major swings in the stock market or observe heated exchanges among political leaders about the best financial course for the country. Turmoil in the economy has many consumers feeling at sea, and it's understandable that you might be concerned or worried. However, we want to emphasize the security and stability of your credit union and your accounts with us.

Your Garden Savings FCU savings are always insured to at least $250,000 by the NCUA. This federal insurance protects your money in various types of accounts, including credit union share savings, share draft/checking, money market, share certificate, trust, and retirement accounts. Our commitment to your financial well-being extends beyond insurance.


In addition to the existing safeguards, Garden Savings FCU goes the extra mile to ensure the security of your funds. We have purchased an additional share insurance called ESI or Excess Share Insurance, which provides an additional coverage of $250,000. This means that your protected share balances at the credit union now add up to a total of $500,000. You can rest assured knowing that your accounts here are backed by both federal insurance through the National Credit Union Administration (NCUA) and our additional ESI coverage.

 

We maintain a strong capital position, which serves as a safety net of undivided earnings and other reserves, enabling us to weather setbacks. Moreover, we have an allowance for loan losses that provides an additional buffer in case some members are unable to repay their loans. To further strengthen the credit union, federal and/or state regulators routinely examine our business practices, ensuring that we adhere to safe and sound operations.

If you're concerned about your personal finances, remember that a Garden Savings professional is always here to help. Whether you want to review your current loans for potential refinancing options or learn about savings plans that align with your goals, we're here to assist you every step of the way.

Credit unions, including ours, offer financial benefits to members through lower loan rates, higher saving rates, and fewer fees compared to traditional banking institutions. National studies consistently show that credit union member households, on average, are approximately $225 a year ahead of other consumers.

Remember, our credit union—your credit union—is strong when our members are strong. Together, we can navigate rough economic seas and ensure a safe journey to our shared financial goals.

 

Learn More About NCUA & ESI

 

Garden Savings Federal Credit Union

The local credit union in your neighborhood.

A Better Place to Bank.

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