Message from Paul Trylko, President and CEO of AMPLIFY Federal Credit Union

regarding the safety of funds on deposit at AMPLIFY

It seems like everywhere you turn lately there’s news coverage of the sub-prime mortgage mess and bank failures. Many people are asking an important question: “What are you doing with my money and is it safe?” It’s a fair question.

First things first - your deposits are federally insured to at least $250,000 by the NCUSIF - the National Credit Union Share Insurance Fund. NCUSIF insurance is a separate federal insurance fund similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC). Retirement accounts are insured separately for up to an additional $250,000. Structured properly, it's possible to receive aggregate deposit insurance coverage for much greater amounts. Ask any one of our representatives for more information on deposit insurance, or click here for a brochure you can download which explains deposit insurance and gives you several examples. If you want to find out how much coverage you currently have, click here.

Amplify manages with its owners – you, our members -- in mind. We have sound business practices and procedures as evidenced by routine high ratings (most recently in 2008) on our annual CPA audits and from the National Credit Union Administration (NCUA), the federal agency that regulates credit unions.

How has Amplify kept clear of the difficulties much of the banking industry is struggling with?

We have not made or invested in sub-prime mortgage loans.
We’re well-capitalized. As defined by the NCUA, (National Credit Union Administration) a well-capitalized credit union (sometimes called members’ equity or reserves) has at least 7% net worth Amplify’s capital ratio is 8.2%. You can view our financials at goamplify.com - just click here.
Your savings are safe at AMPLIFY. Just as the FDIC does for banks, the National Credit Union Share Insurance Fund (NCUSIF) insures members’ savings up to at least $250,000—with more coverage available if you have a combination of individual, joint, trust, payable-on-death, and other types of accounts. Structured properly, it’s possible to insure much more in aggregate coverage. For more information on federal share insurance, see the NCUA brochure “Your Insured Funds”.

I think it’s worth mentioning that the NCUSIF has never had to ask taxpayers for a single dollar to bail out a failed credit union. That’s a strong testimony to the safety and soundness that is built into credit unions’ member-owned structure.

We are solidly profitable and are generating strong deposit and loan growth from our 40,000+ members. In the wake of these turbulent times in the banking arena, many financial institutions have cut back on their lending. Not us. We lend money to responsible borrowers, and help those who may struggle with credit issues to manage their funds conscientiously. In challenging economic times for the consumer, our doors are open to serve.

Amplify is a member-owned cooperative that answers directly to you, our members, not to outside investors and stockholders. Our primary charter is to serve. We earn our members’ trust every day, one member at a time. That’s one of the biggest reasons we’re flourishing while many in our industry struggle.

If you have questions about NCUSIF insurance, your deposits, or you just want to talk to someone about your accounts, give us a call at 512-836-5901, or stop by any of our locations. We’re here for you and always glad to answer your questions. We've also developed this Q & A to help answer any questions you might have.

To view a short video regarding the safety of your deposits at AMPLIFY, click the image at right.