r/creditunions • u/Aggressive_Apple_919 • 27d ago

How to check financial health of a credit union

I like to make sure credit unions have good ratings and financials prior to putting my money somewhere. I know sites like weiss ratings give a rating. However it's hard to understand how to read and interrupt all this information.

One example is the asset mix: I'd like to know specifics on what (other) 20% could be. Also not sure if it's possible to get the outstanding debt vs cash on hand ratio. I am trying to find something safe and find an intuition as close to 3/1 ratio if possible.

Maybe I am overthinking this, but figured I'd ask

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12

u/roonerspize 27d ago

ncua.gov - download each CU's 5300 call report. All the data you can handle.

2

u/oarmash 27d ago

I like ibanknet for a quick overview. NCUA.gov for deeper dives.

https://ibanknet.com/scripts/callreports/fiList.aspx?type=ncua

2

u/Sexcercise 27d ago

Definitely over thinking. I can't imagine you'd be able to find the cash on hand easily. What are your concerns? Are you bringing a lot of money to the credit union?

2

u/Mmoneymark 27d ago

Credit unions typically have no true debt.

They buy deposits and sell loans. For a credit union, loans are assets, and your savings account is a liability.

Most credit unions will have loan to share ratios around 90% give or take a few percent.

As someone else said all credit union financial data is available on the NCUA website but you have to understand the terminology to interpret it.

Politely, you are most likely overthinking it. CU consumer accounts are insurance for a minimum 250k and easily up to a million depending on how they are setup.

If you have more than that you should have a financial advisor who can advise you more specifically for your situation.

2

u/Dependent_Fig8831 27d ago

The best info available would be from the Financial Performance Reports. Data is taken from the call report but it gives you alot of helpful ratios.

https://fpr.ncua.gov/

1

u/SaltSkin7348 25d ago

Everyone else has given great answers! Depositaccounts.com and BauerFinancial are fantastic as well!

Also be sure to look at the annual reports your credit union puts out every year, they're usually somewhere on your credit union's website. AI Chatbots like ChatGPT can help you analyze and decipher what the numbers and info really means and help interpret it for you and explain it to you in plain English.

1

u/Aggressive_Apple_919 24d ago

Thanks. I noticed Bauer provides the star rating and you need to pay for the other data is this correct? Thanks for sharing the other site