Your Money is Safe!
Your Money is Safe and Insured
Your Credit Union is safe and strong, just as we have been since 1950. Most importantly, we want to let you know that your funds deposited in this Credit Union are safe. Also, your accounts are insured by the National Credit Union Share Insurance Fund (NCUSIF) by National Credit Union Administration (NCUA) up to $250,000 per individual, backed by the full faith and credit of the U.S. government.
We’re Strong and We’re Here for You
While the economy has felt fragile and unpredictable over the past several months, Eastern Indiana Federal Credit Union remains exceptionally strong. We exceed the regulatory definition of “well-capitalized” and continually operate within the regulatory definition of “safe and sound” practices. Our members can rest easy, knowing we’re better prepared to weather whatever may come.
We pledge that we will continue to provide you with the solutions that you need, to help you save with lower fees and competitive rates, and to the safety and soundness of the Credit Union. It’s our commitment to you, and it doesn’t change in challenging times. If you ever do experience financial hardship, please don’t hesitate to reach out. Our staff is here to help, with solutions and assistance for your unique situation.
The Credit Union Advantage
Credit unions are structured differently than banks. Credit unions can provide you with the same services – opportunities to save, to borrow so you can buy a car or home – but the bottom line is that credit unions are not-for-profit cooperatives. In other words, the credit union is essentially owned by you and your fellow members. During challenging economic times, credit unions remain strong because credit unions don’t profit from motives that are driven by risk. The failed banks are much different than credit unions. They had unique portfolios, focused on tech, venture capital, and cryptocurrency interests. Traditional financial institutions have more diverse portfolios and policies.
What does that mean for you? It means it’s all about you!
The decisions about products and services offered are made in your best interests. Our volunteer board of directors is comprised of people just like you who are members of the credit union.
We answer to our members, not Wall Street. Eastern Indiana Federal Credit Union does not have stockholders pressuring us to engage in risky practices to return profits to them. As a cooperative, we invest our earnings back into you, the member. (That’s why you will often get a better interest rate on your car loan or savings accounts.)
Our cooperative structure inherently holds us accountable to you, and to the other members.
And, we live and work in this community, too. We exist solely to serve our members, taking local deposits and making local loans.
We are healthy, safe, local, and focused on financial wellness for all, and on building thriving communities.
Where can I learn more about the share insurance coverage?
Visit mycreditunion.gov to learn more about your Share Insurance Coverage and to access resources including a Share Insurance estimator tool, publications, videos, and more.
Once a member, always a member.
When you open an account with us, you’re a member for life, as long as the account stays open. You can move and take us along!