Proudly Serving Members Since 1960
By now, you have probably heard the recent news regarding the sudden closure of Silicon Valley Bank, and other banks that may have issues. We are committed to helping our valued member-owners, like you, feel secure and supported in your financial relationship with Vision Financial Federal Credit Union.
You may rest assured Vision Financial Federal Credit Union is considered financially sound and well-capitalized. The Credit Union’s balance sheet is primarily comprised of member auto loans. Our investment portfolio is considered very safe by industry standards. All member accounts are insured up to $250,000 by the National Credit Union Share Insurance Fund.
We sincerely appreciate the trust you have placed in us and thank you for your dedication to your credit union! If you have any questions at all, please reach out by visiting one of our branches or by calling 800-235-8455.
What happened with the Silicon Valley Bank closure?
Silicon Valley Bank collapsed after a bank run and a capital crisis led to the second-largest failure of a financial institution in US history. California regulators closed down the tech lender and put it under the control of the US Federal Deposit Insurance Corporation. The FDIC will liquidate the bank’s assets to pay back its customers, including depositors and creditors.
Could something like this happen to Vision Financial Federal Credit Union?
Vision Financial Federal Credit Union has a diversified membership base that represents the communities that we serve. As a result, we do not concentrate risk in one area that could adversely affect the deposits of the Credit Union. We are financially sound and at very low risk.
What assurances do I have about Vision Financial Federal’s ability to stay in business?
As a member-owned cooperative, Vision Financial Federal Credit Union has a responsibility to its membership to operate in a financially-sound manner. The Credit Union is considered well-capitalized as defined by our regulator and insurer, the National Credit Union Administration.
What happens to my money if something happens to Vision Financial Federal Credit Union?
The National Credit Union Administration, or NCUA, is an independent agency of the United States Government that regulates and supervises federal credit unions. The NCUA also operates the National Credit Union Share Insurance Fund, which insures the accounts of federal credit unions, like Vision Financial Federal Credit Union. The NCUSIF protects members from loss should their credit union fail. You’ll be pleased to know that no member has lost money from accounts insured by the NCUSIF!
What do I have to do to ensure I am covered by NCUSIF?
Deposits at Vision Financial Federal Credit Union are automatically covered by National Credit Union Share Insurance Fund (NCUSIF) protection. Federally insured credit unions offer a safe place for you to save your money, with deposits insured up to at least $250,000 per individual depositor.
The National Credit Union Administration's (NCUA) Share Insurance Estimator lets consumers, credit unions, and their members know how its share insurance rules apply to member share accounts, including what's insured and what portion (if any) exceeds coverage limits.
The Share Insurance Estimator calculates, and reports, share insurance coverage for Personal Accounts and Business Accounts. Personal accounts include shares held by credit union members in single accounts, joint accounts, revocable trust accounts including both Payable on Death/In Trust For (POD/ITF) accounts and living trust accounts, and Individual Retirement Accounts (IRAs). Business Accounts are shares held by credit union members that are corporations, partnerships, and organizations, both for-profit and not-for-profit.
If you need assistance using and understanding the calculator, you may call NCUA at 800-755-1030, Option #1, and they will be happy to assist you.
Thank you for being a member of Vision Financial Federal Credit Union,
Dawn Swaningson
President/CEO
