Dear Members,
In light of recent news regarding bank failures, we understand that you may be concerned about the safety of your deposits. We want to reassure you that your money is safe and insured at Peninsula Credit Union.
The National Credit Union Administration (NCUA) insures all of our members’ accounts up to $250,000 per individual depositor. While you may feel uneasy at this time, we encourage you to keep your funds in an insured checking, savings, certificate, IRA, or other accounts, as it is a financially sound decision, and the safest place for your money.
As a not-for-profit cooperative, we exist solely to serve our members. Our board of directors, made up of members just like you, makes decisions about products and services offered in your best interests. We are not pressured to engage in risky practices to return profits to stockholders, as we invest our earnings back into our members.
Our cooperative structure inherently holds us accountable to you and other members. We are focused on financial well-being for all and building thriving communities. As a local financial institution, we take local deposits and make local loans. The banks that recently failed had unique and risky portfolios, focused on tech, venture capital, and cryptocurrency interests. Credit unions like Peninsula have more diverse portfolios and policies that keep you protected.
If you have questions or concerns about your accounts at Peninsula, please don’t hesitate to contact us at 800.426.1601 or [email protected]. If you experience financial hardship, please reach out to us right away and our staff will provide solutions and assistance for your unique situation.
For more information on NCUA share insurance, and to estimate how this insurance applies to your accounts, visit the NCUA Share Insurance Estimator.The Share Insurance Estimator can be used to calculate the insurance coverage of all types of share accounts offered at Peninsula, including checking, savings, certificates, and more.
Lastly, we encourage you to spread the word about credit unions’ accountable, safe, not-for-profit cooperative structure to your friends and family members who may be concerned about bank failures in the news. We welcome them to join us and experience the benefits of being a member of Peninsula Credit Union.
Thank you for being a valued member of Peninsula Credit Union. We appreciate your trust in us and look forward to continuing to provide you with the solutions that you need.
Sincerely,
Jim Morrell
President/CEO,
Peninsula Credit Union