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With the recent failure of two large banks, it is natural that it might raise questions or concerns regarding your relationship with Power Financial Credit Union and the security of your deposits.
We would like to address those concerns directly and assure you of the protection of your deposits with Power Financial Credit Union.
First, rest assured that your Credit Union is strong and continues to maintain a solid financial position. In fact, Bauer Financial, the nation’s leading independent bank and credit union rating firm, recently gave us a 5-star rating! This rating classifies PFCU as a superior financial institution for strength and stability.
If you would like, you can view our 2022 Annual Report by clicking here. You can also download the Annual Reports from previous years.
Second, your deposits are safe and secure with Power Financial Credit Union. Credit union deposits are protected by the National Credit Union Share Insurance Fund and insured up to at least $250,000 per depositor – similar to the FDIC. Credit union members have never lost a penny of insured savings at a federally insured credit union.
Finally, the failure of these banks was not reflective of a systemic failure in the banking system, such as in 2008. Power Financial Credit Union, and credit unions in general, have significantly different business models than banks. Credit unions are not-for-profit, member-owned financial cooperatives whose mission is to serve the needs of its members, not outside shareholders.
At Power Financial Credit Union, we do not take for granted the trust our members place in us. That is why we have always taken a sound and conservative approach to ensure the stability and long-term financial health of the Credit Union. That approach has allowed us to thrive over our 72-year history, even during difficult economic times like the Great Recession and the Covid-19 Pandemic.
As a member-owner, we encourage you to reach out to us if you have any additional questions or concerns. You can call us at 800-548-5465 or email us at [email protected]. Thank you for being a valued member of the PFCU family.
We would like to address those concerns directly and assure you of the protection of your deposits with Power Financial Credit Union.
First, rest assured that your Credit Union is strong and continues to maintain a solid financial position. In fact, Bauer Financial, the nation’s leading independent bank and credit union rating firm, recently gave us a 5-star rating! This rating classifies PFCU as a superior financial institution for strength and stability.
If you would like, you can view our 2022 Annual Report by clicking here. You can also download the Annual Reports from previous years.
Second, your deposits are safe and secure with Power Financial Credit Union. Credit union deposits are protected by the National Credit Union Share Insurance Fund and insured up to at least $250,000 per depositor – similar to the FDIC. Credit union members have never lost a penny of insured savings at a federally insured credit union.
Finally, the failure of these banks was not reflective of a systemic failure in the banking system, such as in 2008. Power Financial Credit Union, and credit unions in general, have significantly different business models than banks. Credit unions are not-for-profit, member-owned financial cooperatives whose mission is to serve the needs of its members, not outside shareholders.
At Power Financial Credit Union, we do not take for granted the trust our members place in us. That is why we have always taken a sound and conservative approach to ensure the stability and long-term financial health of the Credit Union. That approach has allowed us to thrive over our 72-year history, even during difficult economic times like the Great Recession and the Covid-19 Pandemic.
As a member-owner, we encourage you to reach out to us if you have any additional questions or concerns. You can call us at 800-548-5465 or email us at [email protected]. Thank you for being a valued member of the PFCU family.