No Worries for Coosa Valley Credit Union Members After National Fears of Bank Closures

With the recent headlines regarding the FDIC shuttering Silicon Valley Bank in California and Signature Bank in New York, you may have questions about the money you have deposited in your bank or credit union.  

Rest assured, your money is safe at Coosa Valley Credit Union. The National Credit Union Share Insurance Fund insures your money, and it is protected up to $250,000 per individual depositor. For more information, visit mycreditunion.gov/share-insurance.

A few other important points to remember are:

• Credit union members have never lost a penny of insured savings at a federally insured credit union. Credit unions are heavily regulated and we are required to remain in compliance with strict soundness standards. Rest assured knowing your accounts are protected.
• In the case of Silicon Valley Bank, uninsured deposits appear to have been a substantial part of their balance sheet. According to preliminary discussions with the NCUA, credit unions do not have the same amount or concentration of uninsured deposits. Read the NCUA statement for more.
• Signature Bank was highly invested in crypto which was a high stakes gamble. Coosa Valley Credit Union has never invested in crypto, nor do we plan to.
• Coosa Valley Credit Union is safe and sound. We meet (or exceed) the financial standards regulators require for a credit union to be considered well-capitalized. In addition, we take steps over and above what is required to ensure safety and soundness, with additional exams exceeding federal and state standards.

In the words of our President/CEO, Andy F. Harris, “Above all, at Coosa Valley, we lead with kindness and a commitment to just doing what right. This ensures we keep our members and their well-being at the heart of every decision we make.” So, when you bank with Coosa Valley Credit Union, you can be assured that your hard-earned money is safe, sound and well-protected.

If you have questions, please don’t hesitate to contact our call center at 706-235-8551 or fill out the “Contact Us” form on our website. And, if you don’t bank with Coosa Valley, we encourage you to check with your financial institution to make sure your deposits are protected. If you aren’t satisfied with the answer you receive, we would welcome your business. You can also find out more about how to join Coosa Valley Credit Union here.