With the ups and downs of the economic markets it can be confusing to know whether you should invest, divest, or withdraw cash and keep it at home in your safe or elsewhere. Having a trusted partner to help provide reassurance and guidance during these times is vital.
We take the trust you have in us very seriously. You chose to deposit your money with Logix because of the financial value you receive but more importantly because of the security you feel due to our financial strength. I want to provide you some information about Logix that I hope brings you peace of mind.
Credit unions emerged in response to The Great Depression with the express purpose of protecting the financial health of a field of membership, instead of for the benefit of shareholders who may or may not be customers. Times of great instability are when credit unions thrive. Logix, your trusted credit union, is one of the healthiest and strongest financial institutions in the nation with 16% capital, which is more than double the regulatory well-capitalized level of 7%. This has helped us weather many storms throughout our history and this time will be no different. Through every market downturn, every crisis, every period of doubt and instability, Logix has successfully continued to serve members. In each case, we have emerged even stronger, never losing a penny of our members' deposits in 83 years.
We also want to remind you that:
- Your deposits at Logix are federally insured by the NCUA up to at least $250,000 per individual depositor. IRAs are insured separately up to an additional $250,000. To learn more, click here.
- Logix is rated "superior" by Bauer Financial, a rating agency devoted to evaluating financial strength of banks and credit unions.
- As a member-owned cooperative, we operate with one goal in mind: Helping you thrive.
- Our Business Continuity Plan was created by the industry's foremost experts and is tested regularly. Thus far, it has proven effective in every disaster and crisis.
We understand that having access to cash is important for our members. Our branches remain open for you but you can also withdraw cash from one of 30,000 CO-OP ATMs. We caution against having too much cash on you or in your home. Once withdrawn from your Logix account, those funds are no longer insured and pose a risk of loss or theft. We want you and your money to remain safe.
At Logix, we remain committed to serving your financial needs now and in the future.
Sincerely,
Ana Fonseca
President & CEO
