Your Money is Safe with Our Community Credit Union
The recent news of bank failures (Silicon Valley Bank, Silvergate and Signature Bank) and current market unrest as a result of these failures (and many other factors) may leave you with questions or concerns about money you have on deposit at Our Community Credit Union. We want to assure you that your money is safe with Our Community Credit Union.
Here are some reasons:
First, your deposits here are insured to at least $250,000 backed by the National Credit Union Administration (NCUA). Federal insurance protects your money in credit union share savings, share draft/checking, money market, share certificate, trust, and retirement accounts. The recent failure of Silicon Valley Bank shows 93% of their deposits were NOT insured (account balances over $250,000) . The national average for credit unions is 9% of deposits are not insured, at Our Community Credit union this number fluctuates between 3% and 5%. Something else about share insurance: It separately insures individual and joint accounts. For example, say you have an individual account containing $250,000, and a joint account with your spouse containing $250,000. Each account is insured separately for a total coverage of $500,000.
Secondly, our strong capital position, Federal regulators require 7% capital and Our Community Credit Union’s capital is over 10% (over 45% above Federal requirements). This safety net of undivided earnings and other reserves positions us very well to weather any market challenges. Further strengthening the credit union, federal and/or state regulators routinely examine our business practices to make sure we’re observing safe and sound operations.
Thirdly, Our Community Credit Union, like all credit unions, is a not-for-profit cooperative that is owned by you, our members. We do not have stockholders, that have demands for high stock returns. We exist to serve you, our members, help you find solutions to the financial challenges you face every day, support the communities we have a presence in the form of lower rates, lower fees and a tremendous amount of volunteer hours and donations into these same communities. Finally, Peninsula Credit Union, Kitsap Credit Union, OBEE Credit Union, Twin Star Credit Union, Harborstone Credit Union, Washington State Employees Credit Union (WSECU) and every other credit union operates and lives this same mission.
Your money is safe with Credit Unions.
What does that mean for you? It means it’s all about you!
As not-for-profit cooperatives, the credit union is essentially owned by you and your fellow members using our services.
The decisions about products and services offered are made in your best interests. Our board of directors is comprised of people just like you who are members of the credit union.
We answer to Main Street, not Wall Street. As a not-for-profit financial services provider Our Community Credit Union does not have stockholders. As a cooperative, we invest our earnings back into you, the member. That’s why you’ll often find our interest rates and fees to be competitive.
Our cooperative structure inherently holds us accountable to you, and to the other members.
And, we live and work in this community, too. We exist solely to serve our members, taking local deposits and making local loans.
Your money is insured here. 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. Here is a reassuring fact: no credit union member has ever lost a penny of insured savings held in a federally insured credit union!
We are healthy, safe, local, and focused on financial wellness for all, and on building thriving communities.
If you have questions, please don’t hesitate to contact our call center at 800-426-5657. And as always, if you do find yourself in a financial emergency, reach out, so we can work towards a solution.
Spread the word. If you have friends or family members who are concerned about bank failures in the news, tell them about credit unions’ accountable, safe, not-for-profit cooperative structure. We would welcome them to join us.
Bert Fisher
President/CEO
Our Community Credit Union