Message from the CEO

Dear Member:

With growing apprehension and low consumer confidence in the current market economy, we want you to know that Miami Federal Credit Union is a very strong Credit Union.

We have all heard the latest news regarding the explicit Federal guarantee of Fannie Mae and Freddie Mac. The two mammoth government sponsored mortgage companies own or guarantee $5.2 trillion in U.S. home mortgages. In addition, the closure of Indy Mac Bank recently by the federal regulator, Office of Thrift Supervision, has made the headlines.

Rest assured Miami Federal Credit Union has not been making the risky types of mortgages that have caused concerns for other financial institutions, such as Indy Mac. Your assets are safe with Miami Federal Credit Union.

In light, of this recent news we thought you might have some questions or concerns regarding how Miami Federal Credit Union federally insures your money. Here are some quick points of reference:

  • As the NCUA brochure in our lobbies makes clear, the shares in Miami Federal Credit Union are insured by the National Credit Union Share Insurance Fund (NCUSIF), where not one penny of insured savings has ever been lost by a member of a federally insured credit union. This fund is backed by the full faith and credit of the United States Government. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board. You may read about the details in the lobby brochure "Your Insured Funds" or in an online format by clicking here.
  • Each Miami Federal Credit Union member is federally insured up to at least $250,000 by the NCUSIF. Many families can increase the amount of share insurance coverage they receive by the appropriate structuring of deposits in various individually and jointly held accounts.
  • Traditional and Roth IRAs and KEOGH retirement accounts are insured separately up to $250,000 by the NCUSIF. A NCUA Share Insurance Estimator is also available for your convenience at http://webapps.ncua.gov/ins/.

We hope these resources serve to answer any questions or concerns, and we hope this information reassures you that even in rough economic times, you can feel confident entrusting us to safeguard your hard-earned savings. Should you have questions or concerns please feel free to call us at 305-377-1017, or visit our website at www.miamifcu.org or visit any of our locations.

Sincerely,

A.F.Castiglia
President/CEO
Miami Federal Credit Union

Proudly serving Federal employees & their families in Dade, Broward and Monroe Counties.

ONCE A MEMBER ALWAYS A MEMBER!

Miami Federal Credit Union
51 SW 1st Avenue, Suite 604, Miami, Florida 33130

305.377.1017 Phone / 305.577.4423 Fax
Audio Response System 1.800.778.1626


Your savings Federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
National Credit Union Administration, A U.S. Government Agency.

  

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