Fortunately, the federal government agreed to make depositors whole, and SVB subsequently got purchased by First Citizens Bank & Trust Company. So, when the recent bank run happened, SVB’s cash reserves were quickly depleted, leaving the institution unable to give many customers their money. Unfortunately, that means most of the funds the bank held were uninsured. Silicon Valley Bank (SVB) catered to many tech companies with account balances significantly in excess of the Federal Deposit Insurance Corporation (FDIC) cap of $250,000. See: How To Guard Your Wealth From a Potential Banking Crisis With Gold A Snapshot of What Happened at SVB More: 4 Best Places To Keep Your Money That Aren’t a Checking Account But, even if yours does, you’ll probably come out of the situation financially stable. The truth is credit unions can still fail. ![]() We make it easy to bank how you want, when you want.The recent banking crisis may leave you wondering if credit unions are a safe place to park your cash. If you have banking questions, call us at 80. Please reach out to us at 80.Ĭonsumers provides banking services for more than 132,000 members. If you have further questions, we’d love to talk with you. is the place to find answers to the money matters that matter to you. Whether you’re a student just starting on your financial journey, a retiree managing your required distributions or anyone in between, Your Money. In keeping with our mission, this extensive online resource is your one-stop shop for financial wellness information, education and advice for every stage of life. We have a lot more knowledge to share in our financial literacy hub, Your Money. Rest assured that Consumers Credit Union is financially strong.Īs always, we’re committed to keeping your money secure and providing services that help you bank how you want, when you want-in person at our offices, through our innovative TellerPlus+ stations, ATMs and over the phone. Additionally, credit unions are not-for-profit cooperatives, which means when you become a member, you become an owner. Credit unions offer banking services but are undoubtedly different than banksĪs a credit union, we serve the communities that we are in, rather than any niche types of businesses. Under NCUA guidelines, we are considered “well capitalized.” Our credit union also undergoes annual reviews, state and federal exams and an independent annual audit of our financial statement. Consumers is financially strongĬonsumers is financially strong, but don’t just take our word for it. For more details, please visit the Consumers NCUA Insurance FAQ. You can be confident that your money is safe and sound at Consumers because each member is insured up to $250,000 by the National Credit Union Administration (NCUA). A federal agency, the NCUA was created in 1970 to regulate credit unions and insure deposits. We’re local people who are committed to helping our neighbors and communities thrive.Īnd consider this reassuring fact: no one has ever lost a single penny of insured share deposits within the credit union system. Instead, it is our mission to focus primarily on lending the money we receive in deposits in the form of mortgages, home equity loans, vehicle loans, business loans and personal loans back to our membership.įurthermore, our underwriters and loan officers live and work in the same communities as our members. Currently, we do not have unrealized losses nor invest in investment securities. How Consumers Credit Union works and protects youīeyond being in a different (safer) financial universe from the high-flying ways of these banks, there’s another key difference: Consumers Credit Union is not a bank. Throw in spiking rates and talk of recession, and these banks’ tenuous business models collapsed under huge unrealized losses. From ill-advised specializations in accepting massive (and uninsured) deposits from venture-capital-backed start-ups, to forays into the world of cryptocurrency, these banks were operating nearer the fringes of the financial industry.īack when interest rates were low and economic outlooks were sunny, such riskier investment strategies seemed reasonable, even savvy. The few banks that are failing are failing for specific and, frankly, unconventional reasons. What’s happening in banking lately?įirst, there is no indication that a widespread banking crisis is unfolding in the U.S. The banks grabbing the headlines lately are in trouble for reasons completely unrelated to how Consumers conducts and oversees its business and how credit unions operate in general. ![]() If you’re wondering about the security of your money, rest assured that Consumers Credit Union is financially strong, and your money is safe with us. Recently, the news has been filled with stories of bank turmoil. Recent events highlight why it’s better to bank with an institution that’s not a bank. If you are interested in exploring a career with us, check out our job openings here.
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