Dear United Trades FCU Members,
Our credit union is a financial cooperative that is owned and operated by it’s members. Members like you are how we continue to provide excellent loan and certificate rates. We use the money that you deposit into your account to fund loans to other members, and we are currently running low on deposits. As a result, we have stopped accepting new loan applications for any loan over $50,000, for the time being.
Some of you may remember that not too long ago we were looking for loans. We had an excess of deposits and needed to put good use to that money. This balancing act of meeting the needs of our members and staying in compliance with our regulators, is the nature of running a credit union.
Financially, the credit union is doing great. The loan and deposit balance does not impact our ability to pay our bills and remain the credit union you know and love. It’s all about the ability to grant new loans and open new deposit accounts. You can review our current financial statements anytime. They are posted near the front door of our branch.
We encourage you to reach out to us with any questions.
We love being your credit union and we appreciate your continued support!