Is my money safe at Landmark?
Jay Magulski: Yes, Landmark is financially strong and well capitalized. This is an important measure of strength and stability for a financial institution. We’re dedicated to responsibly managing our resources and ensuring the long-term health and security of our credit union and providing a superior member experience across all areas including our branches, phones and digital channels.
How is Landmark’s business model and structure different from banks?
Brian Melter: Credit unions like Landmark are structured as not-for-profit financial cooperatives owned by members. Banks are for-profit institutions that are typically either publicly or privately held.
At Landmark, our focus is on reinvesting back into the business in the form of enhanced technology and experiences, lower fees and better rates, among other things. As a member-owned credit union, our purpose is to serve you and your financial best interests.
In addition to that, our business model does not take the same risks or make the types of investments that we’ve seen from some of these failing institutions. We take great pride and care in our member’s money and have many checks in place to ensure that we’re exercising caution with all funds.
Are deposits at credit unions like Landmark insured?
Jay Magulski: Yes, we are federally insured by the National Credit Union Administration (NCUA). The NCUA is an independent agency of the United States that protects credit union members. NCUA insurance coverage is similar to the deposit insurance coverage offered by the Federal Deposit Insurance Corporation (FDIC). The standard NCUA insurance coverage is $250,000 per account owner, and additional coverage is available based on the account ownership structure.
How can members set themselves up for financial stability?
Jay Magulski: Regardless of market fluctuations and current events, there are several ways members can set themselves up to weather financial disruptions. First, create a household budget that aligns your spending with your priorities. Take a look at the budgeting tools we have within Digital Banking. Second, establish an emergency fund. That way you can use your savings to stay on track even if you have unexpected medical bills, auto repairs or experience a job loss. Third, build your credit. By having a healthy mix of credit and paying off your balances in a timely fashion, you can improve your credit score. This will give you greater access to loans with better terms.
What else should members be thinking about?
Brian Melter: In addition to what Jay talked about, we should discuss how to protect your data and information from the fraudsters out there. Scammers are constantly coming up with new ways to trick people into giving out sensitive information through emails, phone calls, text messages and social media messages. They’ve gotten very sophisticated at mimicking everyone from your financial institution to your loved ones. I would encourage you to view everything with a critical eye. When in doubt, stop and contact us. We’re always happy to help you assess whether a request you’ve received is legitimate or not. Chat with us online, send us a secure message through Digital Banking, give us a call or visit your nearest branch.
You can feel confident that your money is safe at Landmark. We're federally insured by the National Credit Union Administration (NCUA), learn how Landmark protects our members.