With the recent news of bank failures, the mortgage industry crisis, government interventions and the credit crunch, many of our members have asked about the financial strength of Discovery Federal Credit Union. We are financially strong and will continue to be in excellent financial condition. Discovery is your safe harbor from the rest of the uncertain financial world.
THE COOPERATIVE PRINCIPLE PROTECTS YOU.
Putting your money into Discovery Federal Credit Union makes you the owner. And, as with any business, we make decisions for the best interest of our owners. Now, for-profit institutions also make decisions for the best interest of their owners, but that's probably not you. This cooperative principle protects you by ensuring that we make the best decisions for you and your money.
NO FRILLS AND FANCY GIMMICKS
You won't see our executives flying in corporate jets, driving company cars or getting exuberant year-end bonuses. The people that work at Discovery work here because we believe in the credit union way - people helping people. We operate with a conservative and well-positioned budget. This budget is reviewed each and every month with our Board of Directors, which is a group of unpaid volunteers elected by you. They make sure we are fiscally responsible so that we can return the most money back to our member-owners in the form of dividends and lower rate loans.
YOUR FUNDS ARE FEDERALLY INSURED
You may have wondered why "federal" is our middle name. It's a great reminder that we are federally insured and backed by the full-faith and credit of the United States Government by the National Credit Union Association, a US Government Agency. The passage of the Emergency Economic Stabilization Act of 2008 increases NCUA coverage from $100,000 to $250,000. The increase is temporary, taking effect from October 3, 2008 until December 31, 2009. Click here to view more information regarding how your funds are federally insured.
CONSISTENT AND CONFIDENT
We monitor the marketplace everyday to make sure we offer fair and competitive loan and deposit rates. In fact, the rates offered to our members are calculated to provide the credit union safety and maintain financial strength. We won't jeopardize our financial health to be the highest or the lowest, but rather consistently offer fair prices so our membership can feel confident they will get a great deal every day.
STRATEGIC ASSET/LIABILITY MANAGEMENT
We constantly evaluate and measure our financial health. It keeps us in constant balance between risk and exposure to risk.
WE'RE NOT-FOR-PROFIT
Our not for profit status ensures that your elected and appointed officials take their positions seriously and stay accountable to you, our members. Our staff also takes pride and has the sincere desire to provide the support and encouragement you need to improve your financial life.
FEDERALLY INSURED BY THE NCUA. Your savings federally insured to at least $100,000 and backed by the full faith and credit of the United States Government by the National Credit Union Association, a US Government Agency.
Discovery Federal Credit Union is an Equal Opportunity Lender. Discovery Federal Credit Union is an Equal Housing Lender.
