The news about the economy, financial markets and the surrounding politics are enough to make your head spin.
There is some good news though. New Hampshire credit unions are safe, financially strong and well positioned to provide the same high quality financial services that they have for the past 100 years.
Why are credit unions in a different position than so many other financial services providers?
First and foremost credit unions concentrate their investments in loans to members. So instead of putting money in new, strange and risky derivitaves we were making good, fairly priced home, auto and personal loans to people who are part of our credit union community. We are member owned so there is an absolute commitment to safeguarding your deposits. Second New Hampshire credit unions are very carefully regulated by New Hampshire Banking Department or the National Credit Union Administration. In addition credit union deposits are insured by the National Credit Union Administration which guarantees deposits up to $100,000 (members can get additional coverage for joint and retirement accounts). This coverage is identical to that offered by the FDIC to bank customers and is also backed by the full faith and credit of the United States Government.
Posted by Robert Kimmett on 09/30 at 09:10 AM