As two large bank failures recently made headlines, you can rest assured your funds are safe and secure with APGFCU.
While banks are insured by the FDIC, APGFCU as well as federal and most state-chartered credit unions, are federally insured by the National Credit Union Administration (NCUA). The NCUA is backed by the government and ensures member deposits of up to $250,000 under the National Credit Union Share Insurance Fund.
In addition, we are fundamentally different from for-profit financial institutions. Credit unions are not-for-profit financial cooperatives founded on a “people helping people” philosophy. We don’t have stockholders, so we aren’t in business to maximize profits for them. Rather, we are cooperatively owned by our members. Any earnings are returned to members in the form of better rates, lower fees and new or enhanced services. At APGFCU, we have one mission in mind: to help members achieve financial wellness. We take a long-term, conservative approach and the decisions we make are in the best interests of our members.
Credit unions have adhered to moral, economic and operational standards since their birth in 1849. The cooperatives were built on seven core principles, which separate us from other financial institutions:
- Open and Voluntary Membership: Credit unions are not-for-profit, meaning we are committed to our members’ financial wellness and not making a profit. We welcome all who qualify to become members regardless of race, gender and financial situation.
- Democratic Member Control: Members are more than just a number — they are owners. Every member has a say in how the cooperative operates by electing a board of directors. Whether you have $5 or $50,000 deposited, your vote is weighed equally.
- Member Economic Participation: Cooperatives operate for the purpose of members, not capital. Credit unions prioritize members achieving financial stability over profit, and view capital as a means to help members.
- Autonomy and Independence: While the legislative framework in which credit unions operate is controlled by governments, credit unions have the right and duty to make decisions for the benefit of members.
- Education, Training and Information: We are dedicated to improving the financial stability of our members and our community as a whole. To help, credit unions provide training, information and education on saving, planning, credit and more.
- Cooperation Among Cooperatives: As our missions are unique, cooperatives and those managing co-ops often work together to expand the “all-for-one and one-for-all” idea and help our members succeed.
- Concern for Our Community: As cooperatives, credit unions exist primarily for the benefit of our members. Because of this strong association with members, we also are often closely and actively tied to our communities.
Like a lighthouse, APGFCU has been a beacon to guide members through both turbulent and calm financial seas since our founding 85 years ago – and we’re not done yet. We will continue to operate in a manner that ensures your funds are protected so you can thrive.
Please contact us at 410-272-4000 with any questions or concerns.