Your Money Is Safe With Us.
In light of the media attention surrounding the failures of Silicon Valley Bank (“SVB”) and Signature Bank, we want to take a moment to provide you with an added level of assurance regarding the strength of your credit union and our capacity to preserve and protect your funds at CommonWealth One.
First and foremost, CommonWealth One remains extremely safe and sound. For more than 75 years, CommonWealth One has served as a model of safety, stability and service by investing in the financial well-being of members like you while also protecting your trust and funds through the application of strong risk management practices. It is important to note, the failed institutions in the news had very unique business models that contributed to their failure and catered to a unique customer base. Another contributing factor that ensures your Credit Union’s strong financial position is our portion of insured member shares. Our members. To put this in perspective, SVB and Signature Bank had approximately 90% uninsured deposits. By comparison CommonWealth One has very few members that fall into that category.
All CommonWealth One members are insured by the National Credit Union Administration (NCUA) up to $250,000 or up to $500,000 for joint members. Additional coverage is available, and many of our members enjoy substantially higher coverage levels through multiple account owners or trusts with beneficiaries.
Today, and 364 other days of the year, we are here to support you and your business needs. And if you want to chat about deposits, we are ready to talk. If you have concerns about your balances in excess of the NCUA insured limit, we have some smart tools from our vendors that allow you to ensure that all of your deposits are NCUA insured.
Take comfort in knowing that CommonWealth One is strong, secure and growing for you and your family for generations to come. As a community of members/owners united in service to each other, we will continue to build and secure a strong future for your credit union. For You – For Life.
Your CommonWealth One Team
People Helping People
CommonWealth One is here for you.