You have probably heard about the latest troubles some mid-size banks are having recently. You may be asking yourself how secure your money is at DFCU, the answer is very!
So what happened to Silicon Valley Bank? They were not well capitalized, so when people started taking their money out of the bank they did not have enough money for people. DFCU is regulated by the National Credit Union Association (NCUA), NCUA classifies credit unions as well capitalized with a net worth ratio starting at 7% - DFCU's net worth ratio is over 9%! In addition, the NCUA insures our member deposits up to $250,000. The NCUA has the backing and full-faith and credit of the United States. To quote NCUA Chairman Todd Harper, "no one has ever lost a single penny of insured share deposits within the credit union system"
Furthermore, banks and credit unions do not share the same business models. Silicon Valley Bank was a publicly traded company, DFCU (and all credit unions) is a not-for-profit institution! Credit unions exist to provide our local communities financial partnerships, and to provide affordable borrowing opportunities to members who may not even be considered by those mainstream banks. This same business model is how DFCU has been serving Downey and our surrounding communities with integrity since 1957!
Have questions about DFCU or the power of credit unions? Click Here or give us a call (562) 862-8141.