Response to Recent Industry News
Your funds are safe with us
Over the last several days, the banking industry has come under heightened scrutiny following the closures of Silicon Valley Bank and Signature Bank of New York. We understand this news may be a cause of concern for some members. FSU Credit Union would like to remind members that your institution continues to be a safe place to keep and save your funds.
As a not-for-profit financial cooperative, we are regulated and federally insured by the National Credit Union Association, which means your deposits are protected by the National Credit Union Share Insurance Fund and insured up to at least $250,000 per individual depositor, consistent with every other federally insured financial institution. Credit union members have never lost a penny of insured savings at a federally insured credit union. As credit unions are heavily regulated and required to remain in compliance with strict soundness standards, members should rest assured knowing their accounts are protected.
President Biden and Treasury Secretary Yellen have affirmed that no loss associated with the bank collapse will be borne by taxpayers. Members can remain confident that deposits will remain fully accessible. And in the case of the closed banks, uninsured deposits appear to have been a substantial part of their balance sheets. Credit unions in general, and FSU Credit Union specifically, do not have the same amount or concentration of uninsured deposits. Additionally, we are well capitalized and have strong liquidity management practices, which offer a buffer to the types of issues that caused the closing of Silicon Valley Bank and Signature Bank.
If you have any questions or concerns, please feel free to contact us and a member of service team would be happy to assist you.