The bottom line: Your money is safe in your credit union!
Dear Valued Member,
With this weekend’s headlines regarding the FDIC placing Silicon Valley Bank and the New York based Signature Bank into receivership, you may have questions about the money you have deposited in your credit union.
Do not worry, your money is safe here. The National Credit Union Share Insurance Fund insures your money, and it is protected up to $250,000 per individual depositor. No member of a credit union has ever lost a penny of insured deposits. Credit Unions really are the safest place for your deposits to be. For more information, or to learn about savvy ways to increase your coverage, visit mycreditunion.gov/share-insurance.
Unlike for-profit financial institutions, your credit union is a not-for-profit cooperative, owned by you and the other members of the credit union.
Some other things that make us unique as a credit union and not as a profit driven bank:
- Our cooperative, not-for-profit structure inherently holds us accountable to you and to the other members. We do not have stockholders. We do not engage in risky practices to meet stockholders’ profit demands. Our Board of Directors are elected by our members.
- All decisions about the products and services offered are made in YOUR best interests.
- Our services are diverse. We are here for Main Street, not Wall Street.
- We live and work in the communities that we serve, taking local deposits and making local loans.
- We are healthy, strong, safe, local, and focused on building thriving communities.
Progressions Credit Union exceeds the capital requirements that the financial standards regulators require for a credit union to be considered well capitalized. What does that mean? It means that your credit union is safe and sound!
If you have any questions, please do not hesitate to call us at 509.535.0191. In addition, if you find yourself in a financial situation, please reach out to us so we can assist you in working towards a solution. As I mentioned above, we are here to support our members as best we can. After all, we are your road to financial solutions.
Thank you for your membership and continued trust in us.
President and CEO
509.622.2025 | susanvprogressionscu.org