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A LETTER FROM THE PRESIDENT: Dan Robbins
CREDIT UNIONS ARE SAFE
If there is a calm, safe harbor in today’s historic economic “Perfect Storm”, it is credit unions. It makes all of us nervous to see news of forced bank mergers, failures of vital institutions and historic government bailouts. As they have been in the past, it is credit unions that are better suited to weather these storms. There are good reasons.
Credit unions are member-owned, non-profit financial cooperatives that exist to benefit its individual members, not faraway stockholders. As many investment and commercial banks lost their way due to greed, credit unions remained faithful to fundamental banking principles. We continue to take deposits from local folks, then make loans to people who can prove they can pay them back. As a whole, credit unions did not get involved in the subprime mortgage mess or get swept up in exotic investment schemes. Our member deposits have recently received increased coverage by the federal government up to $250,000…more if you arrange your account ownership or have retirement accounts. Membership in your credit union provides a safe harbor for your deposits and access to responsible lenders who won’t make you a loan that you can not pay back.
The credit union’s organizational structure is unique. Each member owns a share, one vote, and is encouraged to participate in annual elections. You vote for volunteer leaders from among the membership to represent your interests…not distant greedy stockholders and investors whose aim is solely to build their wealth no matter what the costs or who gets hurt. Your management team acts as stewards responsible for the capital accumulated since 1933. As banks suffer low capital of less than 6%, NorthPark Community Credit Union’s near-10% capital assures members that the organization is safe and sound. If you are concerned about the safety and soundness of your money, NorthPark Community Credit Union represents the most logical choice.
Not only are credit unions safe places for consumers to deposit and make loans, we also offer great deals…lower interest on loans and charge cards…higher rates on deposit accounts and less fees. In Indiana alone, annually Hoosiers save $150 million by doing business with credit unions over banks. You want and need a credit union in your community. Because credit unions are an attractive alternative, we force banks to offer better deals on their products for their customers. Our business model not only benefits our members, but we help bank customers save money, too!
Do not take my word alone. Hear from some people you know.
“Credit unions serve a vital and unique purpose; they make sure financial
services and credit are available to people of modest means.”
- President Bill Clinton
“My experience with credit unions is that they are locally led and operated,have a sense of community, and encourage the right kinds of habits.”
- Newt Gingrich
Former House Speaker
“It’s always been credit unions that have given to the little guy…credit unions
work for working families.”
-Senator Alphonse D’Amato
Find out for yourself. Be a member of a credit union. Join right away and tell your family and friends what being an owner means versus being just a customer.
Dan Robbins, President/CEO |
