Your Credit Union Intentionally Different
Credit unions and banks have significant differences that were intentionally designed with you, our valued members, in mind. At Garden Savings FCU, we take pride in being a not-for-profit cooperative owned by our members. This means that our primary focus is to avoid any actions that might harm you. In contrast, for-profit institutions like banks prioritize generating income for their shareholders.
While banks may engage in lucrative yet risky practices to generate income, credit unions like ours steer clear of such activities. We have witnessed the repercussions of these practices, as evidenced by the deposit insurance bank failures that occurred in March 2023—an unfortunate situation that credit unions managed to avoid.
One of the reasons credit unions are better equipped to withstand challenging economic periods is because we remain well-capitalized. This means that we have built a substantial financial cushion to absorb any mistakes or unfavorable behavior from borrowers. When members experience financial hardships and are unable to meet their loan payments, it naturally affects the credit union's lending capacity. However, the credit union model's beauty lies in its capital buffer, safeguarding us from dire consequences. Even if we make slightly less profit, we can continue serving our members without compromising their well-being.
Moreover, the money you have in your Garden Savings FCU account is backed by the National Credit Union Administration (NCUA). This federal insurance provides significant protection for our members. Individual accounts are insured up to $250,000, and the same coverage extends to joint accounts and IRA/Keogh retirement accounts. This guarantee means that the "full faith and credit" of the U.S. government stands behind your deposits. It is essential to note that members of federally insured credit unions have never lost a single penny of their insured savings.
At Garden Savings FCU, we go above and beyond to ensure the safety of your hard-earned money. In addition to the NCUA insurance, we provide an extra layer of protection through Excess Share Insurance (ESI). This means that your deposits are safeguarded up to a total of $500,000, giving you even greater peace of mind. With our comprehensive coverage, you can trust that your funds are secure and well-protected.
Our philosophy aligns with the credit union movement's core principle: "People Helping People." We were established specifically for you—the members. Our goal is to provide you, your family, and your community with a secure and reliable place to safeguard and grow your money. We are committed to supporting you every step of the way.
Join Garden Savings FCU today and experience the credit union difference—a financial institution that truly prioritizes your best interests and works diligently to serve you. With our extensive insurance coverage, including the added protection of Excess Share Insurance (ESI), you can enjoy enhanced security and exceptional service as a member of Garden Savings FCU.
Garden Savings Federal Credit Union
The local credit union in your neighborhood.
A Better Place to Bank.
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