Mississippi Employees Federal Credit Union is committed to helping you.  After all, that's what we're all about.  This Consumer Information section is dedicated to providing useful information that will protect you and help you to better understand issues that impact your life.  Please revisit this page from time to time and navigate through the links provided so you can learn more.

MEFCU Safety and Soundness

In recent months there has been considerable coverage and discussion throughout the media concerning the U.S. and worldwide economy and the struggles that individuals and businesses are enduring. Many MEFCU members have no doubt seen or read coverage of the problems in the mortgage lending business, the recent collapse of several major financial institutions and the speculation that things could get worse. The safety and soundness of your MEFCU is a legitimate concern. With that in mind, here are a few things you will be glad to know. 

Your Insurance Fund
Your share deposits in Mississippi Employees Federal Credit Union are insured by the National Credit Union Administration, an agency of the U.S. government, for at least $250,000. In some cases where you may have an I.R.A. or a revocable trust account, the insurance coverage is a separate $250,000. The point is, regardless of what happens with the economy in general or MEFCU in particular, unless you have more than $250,000 on deposit at MEFCU, your money is not at risk. If you do have over $250,000 on deposit at MEFCU, you may want to take a minute and review how your accounts are structured. You can read more about the NCUA incurance coverage in their brochure Your Insured Funds. 

MEFCU Capital Strength
Mississippi Employees Federal Credit Union is among the financially strongest credit unions, not just in Mississippi but in the entire country. The present capital level (which is a primary measure of financial soundness) for MEFCU is approximately 18.75%.  As of June 30, 2007, the average capital level was 12.94% for all credit unions in Mississippi and 8.93% for all credit unions in the U.S. The National Credit Union Administration considers a credit union to be "adequately capitalized" when its capital ratio is at or above 6%. In simple financial terms, MEFCU has a financial house that is built on extremely solid ground. But again, read on. 

MEFCU Loans and Investments
The best investment any credit union can make is a sound loan to its members. Over 76% of the share dollars on deposit with Mississippi Employees Federal Credit Union is invested in loans to members. The average for all credit unions in Mississippi is 67.5%; the national average is just over 80%. Of the total loans held by MEFCU, only about 1% of those loans is classified as delinquent, compared to 1.37% of all credit unions nationally within MEFCU’s peer group. MEFCU’s loan portfolio is comprised mostly of consumer loans (auto, boat, ATV, personal, etc.) with a small portion held in fixed rate, fixed term real estate loans. MEFCU has not and will not invest any money in the higher risk "sub-prime" mortgage loans that are a frequent topic in the news these days. Beyond loans to members, all other MEFCU investments are held with other financial institutions that are 100% insured by the U. S. Government.

Insurance coverage, capital strength and sound investment practices are three key elements that help determine the safety and soundness of a financial institution. As you can tell, at Mississippi Employees Federal Credit Union, we do not take these points lightly. It is through such attention to detail and with such diligence that a financial institution is able to survive tough economic times such as those we are facing today. Rest assured, your MEFCU plans to be here for you, not just today but for many tomorrows to come. 

Internet / E-mail Fraud Alert

Mississippi Employees Federal Credit Union continues to receive reports that there have been multiple e-mail fraud attempts, known as "Phishing," sent to members of both this credit union as well as other credit unions.  These Phishing e-mails bear the appearance of being an official e-mail from a federal agency, a creditor or other entity that the member may or may not have any previous dealings with.  The false e-mail instructs the recipient to click on a link to verify their credit union account registration. If the recipient proceeds to do so, the link directed them to a false website and asked for their social security number, credit union account number, PIN or other personal information.