In light of recent headlines about the Silicon Valley Bank and Signature Bank closures, I want to take the time to reassure you about the health and stability of
RadiFi Credit Union. We are financially sound and well-capitalized at 10.25%, which is well over the requirement of 7% by the NCUA. As members, you are also owners of our Credit Union, and with this in mind, our experienced management team employs sound financial management practices to protect your money.
Choosing to bank with our credit union is a decision you can feel good about in times like these. Here are three facts about our Credit Union that I hope ease your worries about how we’re safeguarding your accounts.
#1: We are a credit union, which means RadiFi is not privately owned or publicly traded. As a credit union, we are not a bank. We are a not-for-profit financial cooperative owned by you, the members. With you in mind, we don’t take risks like some banks do to meet the demands of their shareholders. Since 1935, we have committed to make sound investments to keep your money safe and to uphold our trusted reputation as a leader in the Northeast Florida financial sector. Our stability for over 80 years is a testimony to that commitment.
#2: We are federally insured by the National Credit Union Administration. This means that every member has coverage up to $250,000 under the NCUA Share Insurance Fund. Plus, there are multiple ways to structure your accounts with joint owners to insure well over $250,000. If you would like more information on what this insurance coverage means for your account, go to MyCreditUnion.gov.
#3: We are here for you. As a member and as CEO, I want you to know that you are not just an account number to us. You are an owner and a member of our organization, and we are here to answer your questions. We believe in transparency, and you can view our annual reports at any time online for details about our financial standing. Plus, in the history of all credit unions, members have never lost a penny of insured savings at a federally insured credit union.
Thank you, as always, for your membership with RadiFi Credit Union.
President and CEO