March 2023 Presidents Message
I would like to address our membership and concerns about the news coming out concerning the banking industry. As a not-for-profit financial cooperative, Virginia Co-Op Credit Union’s priority is the financial success and security of its members.
Virginia Co-op Credit Union is considered a “well capitalized” credit union by the National Credit Union Administration (NCUA). We do not rely on fintech, venture capital, or crypto currency for deposits and loans; we rely on our members in Northern Minnesota.
The NCUA provides share insurance, which is equivalent to banks offering insurance backed by the FDIC. NCUA’s share insurance is meant to provide consumer’s confidence during times of uncertainty. The Share Insurance Fund has the backing of the full faith and credit of the United States government. It covers deposits up to $250,000 for individuals and $500,000 for joint accounts.
Ninety-six percent of Silicon Valley bank deposits were uninsured. Only 3% of VCCU’s deposits are uninsured. Credit Union members have never lost even a penny of insured savings at a federally insured credit union. Please give me a call if you have any questions about your coverage or want to discuss what is transpiring in the financial industry.