In the face of the financial challenges encountered by financial institutions in 2023, Schools Federal Credit Union continues to thrive, all thanks to our incredible members. Despite the hurdles, your Credit Union stands out, and here’s why:
Newsweek, a distinguished nationwide publisher, has acknowledged Schools FCU as one of America’s Best Credit Unions for 2024. We emerged among the top 250 credit unions nationwide! As a matter of fact, out of 9,000 financial institutions reviewed nationwide for their profitability, financial relevance, risk management, and overall stability, we were recognized as one of the top 500 Banks and Credit Unions in the US. This recognition is a testament to our members’ unwavering dedication and support.
In a recent audit conducted by the NCUA, a federal regulatory agency, we were ranked as well-capitalized. To provide context, a well-capitalized credit union typically maintains a 7% capital ratio. As of September 2023, our impressive Capital Ratio stood at 11.9%.
Bauer Financial, an independent bank research firm, has consistently awarded us a 5-star (superior) rating. This reflects our commitment to financial excellence and stability.
Unlike many traditional financial institutions, your deposits benefit from dual insurance coverage. The NCUA (National Credit Union Administration) provides federal insurance, ensuring individual funds up to $250,000. Additionally, ASI (American Share Insurance), a private insurer, extends an extra $250,000 coverage for excess deposits per account type. In essence, you enjoy the security of double insurance protection for your deposits. Depending on how your accounts are structured based on ownership, it’s possible for your account to be insured for over a million dollars.
Looking Ahead to 2024
As we move into 2024, the momentum continues. We have carefully compiled a list of suggestions from members, and we are systematically addressing each one to enhance your experience. Your input is invaluable, and we are dedicated to making improvements that matter to you. Together, we are not just weathering challenges, but we are thriving and evolving to better serve you. Here’s to another great year ahead!