Over the last few days, two out-of-state banks have received a lot of news coverage. The events at those banks are unrelated to Tinker Federal Credit Union’s safety and soundness. First, TFCU is a credit union, not a bank. We operate a little differently. We don’t (can’t) pursue high-risk business ventures like those banks did. And all member shares (deposits) at TFCU are insured up to $250,000 by the National Credit Union Share Insurance Fund, which is backed by the full faith and credit of the U.S. government. This fund is supported by credit unions across the nation and does not use taxpayer money.
Credit unions like TFCU are among the safest financial institutions in America. Media including the Wall Street Journal, Forbes, Experian and the Fox Business have pointed to credit unions as a safe harbor during troubled times because they avoid the risky lending practices that caused the recent bank failures.
TFCU has a net worth ratio over 11%. To put this into perspective, the National Credit Union Administration, our federal regulator, considers a well-capitalized credit union to have a net worth ratio over 7%. Our strong net worth, coupled with our conservative lending practices, means TFCU is financially stable and will be for years to come.
We continue to be the largest credit union in Oklahoma and have been a strong, safe place for your money since we opened in 1946. We have weathered recessions, booms, busts, the tech bubble, the housing bubble, the pandemic and more. We are still here, keeping your money safe, just like we always have.
TFCU remains financially sound, and our commitment to our membership is as strong as ever. As a member-owned financial institution, we are committed to the safety and security of your money.
Still have questions about your deposit insurance coverage?
Your TFCU accounts are federally insured to at least $250,000 by the National Credit Union Administration. To estimate the amount of insurance protection your accounts receive from the National Credit Union Share Insurance Fund, visit the NCUA Share Insurance Estimator.