Something You Don't Hear Everyday: I Love My Bank!

[BlooInBloo]

http://www.becu.org/default.asp?pid=whatsnewdetail&ID=1061

BECU Remains Financially Strong
posted Jul 15, 2008
A message from Joe Brancucci, BECU Executive Vice President and Chief Lending Officer.

As a result of the news about the failure of IndyMac Bank and the government's support and regulation of Fannie Mae and Freddie Mac, I've have received questions from members regarding the financial health of BECU. I am very pleased to be able to share with you what I told them: BECU has been and continues to be prosperous and financially sound.

Many financial institutions are experiencing very high credit losses from making subprime or "exotic" mortgages (often referred to as "negative amortization" or "Alt A" mortgages). BECU has never offered those products, which we believe aren't the right solutions for our members and have contributed to high losses at other institutions. Additionally, BECU, like all credit unions, is significantly restricted to the types of investments that can be purchased and the financial transactions we can enter. We know it is our members' money we are investing—and we proceed with the utmost caution in every case.

Over 90% of the deposits that are held at BECU are dispersed as loans to members—the true purpose of a credit union. BECU's responsible and sound lending guidelines allow us to remain in a healthy position and continue to offer highly competitive deposit and loan rates. In addition, our members' deposits are fully insured by the NCUA, a federal agency backed the full faith and credit of the United States government. For more information on NCUA insurance visit www.ncua.gov/Publications/brochures/insured_funds/funds.pdf or http://webapps.ncua.gov/ins.

How refreshing - a responsible lender, lending to responsible borrowers. (My credit is too shitty to get a loan :( )

[no_hypocrisy]

1. That's up there with "I love my landlord".

[BOSSHOG]

2. I'm quite satisfied with my bank

and the services it provides. And the folks at the branch I do my business at are friendly in the old fashioned way. They actually are happy to see you (or their great actors.)

[ProdigalJunkMail]

3. BECU...not a bank...Credit Union

and the only way to go IMHO...looks like a bank, smells like a bank...but operates as a co-op and usually very protective of their members' money!

sP