The recent collapse of two regional banks has raised concerns regarding the soundness of the US banking system.
While this situation does not involve the collapse of a credit union, it is important to keep the following in mind.
- All Wisconsin credit unions are federally insured and deposits there are safe and secure.
- Credit union deposits are protected by the National Credit Union Share Insurance Fund and insured up to at least $250,000 per individual depositor – the same as any other federally insured financial institution.
- The Wisconsin Department of Financial Institutions recently issued its year end 2022 bulletin and found Wisconsin credit unions “continue to perform well based on the financial information reported at year-end 2022. Our credit unions started 2023 in a good position and are financially stable.”
- Credit union members have never lost a penny of insured savings at a federally insured credit union.
Visit MyCreditUnion.gov for more information about the National Credit Union Share Insurance Fund coverage for consumers.