I’m sure you’ve all been following closely the closure of Silicon Valley Bank, SVB, in California and Signature Bank, out of New York. It’s understandable that these closures cause feelings of uncertainty regarding the financial sector, but most importantly, regarding your finances and the money you’ve worked so hard for. The Board of Directors and Management of Wayne Westland Federal Credit Union want to assure you that your deposits are secure. Here’s some information you should know:
- Each WWFCU member’s deposits are insured up to $250,000 through the NCUA, National Credit Union Administration. Please visit https://ncua.gov/ for more information.
- WWFCU has regulatory oversight by the NCUA. This oversight involves an internal exam at least once every two years.
- In a joint statement put out by the Federal Reserve, the Treasury Department, and the FDIC, the impact of the bank closures will be felt by the investors, not by their customers. It was stated that all depositors will be protected and have access to all of their money and no losses associated with the resolution of SVB or Signature Bank will be borne by the taxpayer.
- WWFCU’s member base is vastly different from the customers at SVB or Signature Bank, that focused mainly on large venture capital companies. Here at Wayne Westland Federal Credit Union, we serve local, community-based members, families, and businesses.
- Wayne Westland FCU has a strong and growing capital position and liquidity. Our diverse investment portfolio and portfolio risk are carefully managed by our Executive team, Board of Directors, and ALM Committee who follow conservative, low risk investment policies.
- For additional information from the NCUA, please visit https://ncua.gov/newsroom/press-release/2023/statement-ncua-chairman-todd-m-harper to read NCUA Chairman, Todd M. Harper’s statement.
Please be assured that your deposits are secure at Wayne Westland Federal Credit Union.
If you have any questions, please contact us at 734-721-5700
