Oh, So You Use A Credit Union, Not A Mattress Or A Bank…
Then you should look at this chart to see how your Texas credit union is performing. They’re sorted alphabetically. Those North Texas institutions getting low marks include: Credit Union of Texas, Garland Federal Credit Union and Union Pacific & Transportation Employees CU. The rankings are similar to the bank ratings we published here yesterday, using the same key to translate what the ratings mean. If things get much worse, maybe BauerFinancial Inc. will start rating mattresses for their cash-storing abilities.
Am I the only person who can’t get the chart to open? Is there an actual address we can type in and find the chart?
I was able to get the list.
Credit Union of Texas is the former Dallas Teachers Credit Union. It’s ratings don’t look good at all!
Mine says “windows cannot open this file.” I guess I’ll goo-goo-google it.
Bauer Financial provides these stats for all banks and credit unions in the country. I checked my credit union, UFirst FCU, in Plattsburgh NY and we are a 5 star credit union. Whooo Hoo! Of course, being a board member, I knew this already.
If you’re having trouble downloading the chart, go directly to BauerFinancial’s rating Web link: http://www.bauerfinancial.com/btc_ratings.asp
It’s a spreadsheet. If you don’t have excel, or another spreadsheet, installed on your computer, you won’t be able to open it.
While two credit unions had single stars and seven had two stars (as compared to Texas banks where three had single stars and 13 has two stars), I prefer to look at the sunny side of the day, rather than the gloomy side. There are 589 credit unions in the list. The credit unions represented by three or more stars equal 98.5 percent of the list. This is more than the majority, it is nearly all! In fact, 470 (or 80 percent) of the credit unions received a four or five star rating. Therefore, we can either make splashy headlines by looking at a few, or realize the goodness by looking at nearly all of them. Besides, Bauer Financial is not the judge of how good a financial institution is run. That is done by several federal agencies and their auditing teams. Depositors (members) can help make sure their credit union is well run by serving on the board of directors or many of its committees. You can’t do that at a bank.