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Your Money is SAFE at Franklin Mint Federal Credit Union

As the U.S. deals with economic uncertainty and tightening credit markets, your Credit Union remains financially strong and well positioned to serve the financial needs of our 53,000-plus member-owners.  Much of the current economic challenges are due to the challenging real estate market and sub-prime mortgages. FMFCU remains committed to providing real estate loans to its' members in the form of mortgages, home equity lines of credit and home equity loans. In addition, FMFCU has not significantly altered its policies to restrict granting these loans and has no plans to restrict or freeze home equity lines of credit to members in good standing. The sub-prime market, unlike some financial institutions, has not significantly affected FMFCU, as we do not offer these types of products.  We use sound financial management and underwriting with our mortgage loans and offer a wide variety of affordable products that help our members steer clear of payment challenges.  Our delinquency figures speak for themselves as compared to the industry:

*As reported by Trans Union and released June 9, 2008

As a federally charted financial institution, your funds are also federally insured by the National Credit Union Share Insurance Fund (NCUSIF), which is administered by the National Credit Union Administration, an agency of the federal government.  Similar to the FDIC (Federal Deposit Insurance Corporation) for banks, insurance is provided to at least $250,000 for regular accounts and $250,000 for IRAs.  UPDATE: We are pleased to let you know that under the "Emergency Economic Stabilization Act" signed into law on October 3, 2008, federal deposit insurance coverage at FMFCU has increased from $100,000 to $250,000 for individual accounts, effective immediately. Coverage levels for IRA accounts remain at $250,000. Additional coverage is available based on account titling, including simplification and expansion of coverage for revocable trust accounts. More information will be coming soon. This coverage can be expanded based on account titling as illustrated below:

For additional information, you may call the NCUA Insurance Call Center, operating from 8 a.m. to 6:30 p.m. (EDT) Monday through Friday, which has insurance experts available to answer questions about the coverage provided by NCUA share insurance. The toll-free Insurance Call Center number is 1-800-755-1030, extension 1. You may also find these NCUA publications useful.

Many consumers have turned to credit unions during these volatile economic times for both their lending and investment needs.  The industry is strong and well capitalized (see CUNA statement). Credit unions as a whole are healthy, with strong balance sheets, as is FMFCU (view FMFCU's latest financials here).

Please don’t hesitate to contact any member of our Executive team if you have questions or need additional information.

Read more:

• How Your Accounts are Federally Insured
• Credit Union National Association's (CUNA) Statement
• NCUA press release
• Share Insurance Estimator