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In recent days, you may have heard that federal regulators shut down Silicon Valley Bank in California and Signature Bank in New York. Even though this does not impact First Class Community Credit Union members in any way, I would like to take this opportunity to remind you how and why your money is safe at First Class.
First Class Community Credit Union is federally insured.
Federally insured credit unions are a safe place to save money, and your accounts are protected by the National Credit Union Share Insurance Fund. That means your deposits are insured by the Federal Government up to at least $250,000 per depositor. You can rest easy knowing that no one has ever lost a single penny of insured share deposits within the credit union system.
Financial security has always been our top priority.
Since First Class Community Credit Union was organized 98 years ago, our focus has always been the financial well-being of our member-owners and the success of this community. As part of that commitment, we'll always communicate with you quickly and directly if you need to hear from us.
The NCUA offers share insurance resources.
If you would like more information regarding your share insurance coverages, NCUA has helpful resources for members including a Share Insurance Estimator and a Share Insurance FAQ.
We are here to answer your questions.
Although First Class CCU members were not affected by these out-of-state banks, we are happy to answer any questions you may have. Email us at [email protected] and we will be happy to answer any questions you may have.
Again, your deposits are safe at First Class Community Credit Union. Our priority is to equip you with the information and tools you need to prosper, and we’re here to be your financial partners at every stage of life. Thank you for being a First Class member!
Sincerely,
Zac Pollock
CEO
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