What is happening with IndyMac Bank?
IndyMac Bank was taken over by the Federal Deposit Insurance Corporation, or FDIC, the government agency that regulates and insures banks. IndyMac lost hundreds of millions of dollars on risky mortgages, and could no longer maintain the cash it needed to operate the bank.

How safe is my money at Telesis Community Credit Union?
Your money is safe at Telesis. The Credit Union is at absolutely no risk of a situation like what’s happening to IndyMac, for the following reasons:

• No subprime lending. Telesis has never made sub-prime mortgages or any other type of sub-prime loan. Sub-prime loans are made to consumers with risky credit. Our lending standards at the Credit Union have always focused on balancing the needs of our members with making sure that we are taking a reasonable and appropriate amount of risk.
• No bad mortgages. Much of IndyMac’s problems came from thousands of customers defaulting on their mortgages. By contrast, because of our lending standards, Telesis has foreclosed on only 2 properties since the start of mortgage lending over 22 years ago.
• Well-capitalized. Indymac basically ran out of money it needed to operate. There is no risk of that at Telesis. The Credit Union is classified as “well-capitalized” by the National Credit Union Administration, or NCUA, our federal regulator. That means we have a large amount of funds set aside to help the credit union deal with downturns in the economy and other “bumps in the road.” The Credit Union is in very good shape to withstand the current economic issues.

Is Telesis federally insured?
Yes, deposits at Telesis are federally insured up to $100,000 for regular savings, checking, and certificates, and up to $250,000 for IRAs. However, depending on how your accounts are structured, you may be eligible for additional coverage, potentially increasing your insured total significantly. Click here to learn more.

We are insured by the National Credit Union Administration, a U.S. government agency. According to deposit insurance experts, the NCUA insurance fund is the strongest and healthiest of the federal financial institution insurance funds.

I've heard there are problems with Fannie Mae and Freddie Mac. How will that affect Telesis?
A problem with Fannie Mae and Freddie Mac would not directly affect Telesis.

• Fannie Mae and Freddie Mac are two semi-governmental agencies that buy mortgages from financial institutions and sell them to investors. The mortgage crisis has caused them to lose billions of dollars.
• While Telesis sells loans to Fannie Mae, a problem at either of the two institutions will not cause Telesis to lose money or otherwise jeopardize the Credit Union.