Since my last update much has happened in our nation and at USPS FCU. Like the nation, we continue providing services albeit at a reduced capacity.
While five of our branches are still closed to walk-in traffic, members continue to be served through channels such as: office deposit boxes, the mail, email, phone, our website, Virtual Branch (pc banking), ATM’s, USPS FCU debit and credit cards, our Mobile App and the Co-Op Shared Branching network. Our Pittsburgh branch was the first branch to reopen on May 22nd on a limited basis, and will begin regular business hours on June 22nd. Our remaining branches will open in the coming weeks.
For decades we have advised members to acquire the ability to deliver remote services to themselves when they need it. This is important because we have 24,000 members in all states and the territories so most of our members don’t rely on the six-branch network. We have to provide remote access and we do. It’s also important because it empowers you, the member, to manage your money regardless of where you are located 24/7. For most members this means they can do what they want to do when and where they want to do it and that’s powerful. Use of these remote delivery channels also enables staff to better help those that now need such services or service beyond what can be provided in an automated way.
As a nation we have witnessed an untold amount of wealth disappear in the stock markets in the last month, but not at your Credit Union. None of your balances at USPS FCU are subject to such decreases, and your funds are individually insured up to $250,000 by our federal regulator, the National Credit Union Association (NCUA), through the National Credit Union Share Insurance Fund (NCUSIF). IRA’s are separately insured to the same amount by the NCUSIF. To provide additional peace of mind to those members with balances exceeding that of the NCUSIF coverage, the Credit Union in 2000 began offering free supplemental share insurance that doubled coverage of the NCUSIF limit.
USPS FCU is considered “well capitalized” by our federal regulator, the NCUA. We are among the highest of NCUA’s five-level grouping. Capital refers to our undivided/retained earnings which serves as our rainy-day fund, of which we have more than 10% of our total assets in. We use this rainy-day fund to cover any losses we may incur beyond the ability of our monthly income statement.
The staff and I wish you all well during these trying times. We applaud the many members and their colleagues who continue to keep the vital mail stream and commerce moving. The nation depends on you and you’re depending on us. We will continue to do our best work to serve you today and throughout this crisis. We appreciate you choosing to do business with USPS FCU, and we’re working hard to deliver for you.