Credit Union Deposits are Safe and Sound!

The collapse of SVB could make consumers nervous – we have talking points to help credit unions address any questions they may receive from members. 

The collapse of Silicon Valley Bank is the second largest failure of a financial institution in U.S. history. The bank was shut down and put under the control of the FDIC following a 48-hour bank run and capital crisis. On March 12, regulators also shut down Signature Bank.
 
While this situation does not include any credit union failure, it may still create consumer concerns and questions at credit unions. This is an opportunity to reassure credit union members about the safety and soundness of credit union deposits, remind them of the credit union difference as member-owned financial cooperatives, and provide some peace of mind during uncertainty. Here are some key messaging points to help your credit union team address any questions or concerns you may encounter from members.
 
Consumer Deposits are Safe with their Insured Credit Union

• Credit union deposits in federally insured credit unions are safe and secure.
• As a credit union member of a credit union, you are also an owner of a not-forprofit financial cooperative.
• Credit unions’ first priority is your financial success, and we focus on financial security.
• You can be assured that your money is safe and sound at our credit union. We have an experienced team to serve you and answer any questions or concerns.
• Federally insured credit unions offer a safe place for credit union members to save money. These deposits are protected by the National Credit Union Share Insurance Fund and insured up to at least $250,000 per individual depositor – the same as any other federally insured financial institution.
• Credit union members have never lost a penny of insured savings at a federally insured credit union.
• Visit MyCreditUnion.gov for more information about the National Credit Union Share Insurance Fund coverage for consumers.