Message from Nicole James,
President and CEO of MAFCU
As a nonprofit financial cooperative owned by, and operated for, our members, MAFCU is well-suited to weather the current economic storm. We are dedicated to helping members reach their financial goals by providing excellent financial products, outstanding member service, and valuable financial education.
All earnings go right back into the Credit Union so that we can offer better rates and services. Keeping true to the credit union philosophy of people helping people, our focus is on our members. We have always adhered to sound lending standards and never abandoned those practices. We continue to lend responsibly.
Every MAFCU account is insured by the National Credit Union Administration (NCUA). With the passage of the Emergency Economic Stabilization Act of 2008, NCUA has increased share insurance protection to $250,000 on all types of accounts until December 31, 2009 (members can get additional coverage for joint and retirement accounts). It is important to note that not one penny of insured savings has ever been lost by a member of a federally insured credit union. The NCUA regulates all federally insured credit unions like MAFCU and requires them to meet strict standards that further ensure a solid financial foundation.
MAFCU members can rely on the Credit Union for stability. MAFCU is financially healthy, with a growing membership and a strong capital position. MAFCU’s capital ratio of 8.21% (as of September 30, 2008) is well above the NCUA guideline for a well-capitalized credit union.
Through our financial literacy programs, we address some of the financial issues facing members today. These programs give members tools to make sound economic decisions, and to better manage their finances during turbulent times. The following are some steps you can take to maintain your financial health:
- Know where your money goes. Keep track of all your monthly income and expenses so you know exactly what your expenses are. You can then determine how best to spend your money. Economize on ways you can shop, dine, or drive.
- Save for the unexpected. Try to save as much as possible to get you through unexpected events. Ideally, try to have two months of living expenses put aside, although any amount will help.
- Remain committed to your long-term goals. Only borrow from your retirement plan if it is absolutely necessary. Continue to make regular contributions if you can.
We look forward to meeting the needs of our members, and members can continue to enjoy the many benefits of MAFCU membership while knowing that their Credit Union accounts are safe.