Global Credit Union Takes Measures to Remain Strong in Bumpy Economic Times Ahead
October 20, 2008
Dear Members,
Our national economy continues to stumble and I predict a bumpy road ahead. In response to what I see as a tough economy through 2009, I have taken serious measures to cut expenses and streamline operations to ensure that we will continue to successfully navigate this economic instability.
First and most importantly, your credit union is safe and sound! Here at Global we remain well-capitalized, and our delinquency and loan losses remain significantly lower than other financial institutions. By tightening our belts now, we will be even stronger when we emerge from this economic cycle.
We continue to receive calls from our members concerned about the security of their deposits here at the credit union. Your funds are insured by the National Credit Union Administration, a federal agency which is backed by the full faith and credit of the U.S. Government. Your savings are insured to at least $250,000, and you can get higher total coverage depending on the type of account you have. If you have questions about the insurance on your account, please give us a call and we'll explain all the details.
Remember, not one penny of insured savings has ever been lost by a member of a federally insured credit union.*
We will continue to provide you with the very best financial products and world class service you have come to expect from your credit union. We remain here at your service. Please call us if you have been negatively affected by the current economy. We can help you with a variety of programs, and have experienced staff to help you find ways to make ends meet.
