Based on the turmoil you’re hearing about in the banking industry, I would like to take a moment to reassure you that Chartway Credit Union is financially sound and your money is safe with us. We pride ourselves on being a well-capitalized and financially healthy organization – in the same relentless manner and with the same passion that we serve our members and communities.
The disappointing events of the bank failures should not cause you concern about how Chartway is led. Not only during these dynamic economic times but also in calmer periods, we take our responsibilities of financial soundness and serving our credit union’s purpose very seriously. Our team continually monitors key economic indicators and the overall industry outlook. We’ll always protect our members’ money and be here for your ongoing needs. In fact, we continue to welcome deposits and new members who are seeking the same stability, member service, and banking options that our current members enjoy.
As a reminder, your assets are insured by the NCUA up to $250,000. If you have more than that amount with Chartway, you can increase coverage by simply adding a beneficiary or co-owner to your account. For more information about how your money is protected, please visit mycreditunion.gov or reach out to us using Video Banking, by calling (800) 678-8765, or visiting your nearest branch.
Thanks again for your continued trust and support in Chartway.
Be Well & Be Kind,
Tell me more about the banks collapsing.
On March 9, 2023, Silicon Valley Bank (SVB) in California lost 60% percent of its stock value. With liquidity an issue, the bank sold stock at a loss of $1.8 billion – a move that panicked the markets and caused many depositors to withdraw their money. The bank did not have enough cash to cover this run on the bank, leading to its failure. Regulators took immediate action, shutting down the bank and placing it in receivership under the FDIC. There is currently speculation about several more banks failing due to similar circumstances, and many people are concerned that panic may be contagious and lead depositors at other banks to pull their money out.
What does this shut down mean for customers?
The bank’s customers are protected by FDIC insurance just like credit union members are protected by NCUA insurance. Regulators ensured that the customers affected by the shut down could immediately access their money up to the amount insured, and the federal government has promised that customers will not lose any of their deposits.
Will these bank failures impact my ability to access my money at Chartway?
No, Chartway is a financially-sound organization, and your money is available to you just as it always has been.
How is Chartway protecting me and my money from a similar situation?
Our team continually monitors key economic indicators including GDP, Consumer Price Index, inflation, unemployment rate, the Federal Reserve Bank’s actions, and overall industry outlook and sentiment. The decisions we make based on this information preserve liquidity and protect your money.
Will there be ripple effects from these bank failures that could impact the money I have at Chartway?
These bank failures are unique because of their focus on venture capital and technology companies which are volatile under the best of circumstances. At Chartway, we take our responsibilities of financial soundness and stability very seriously. We don’t make decisions that could jeopardize our ability to serve our members with easy and convenient access to their money.
How do I know if I’m fully insured?
Your account, if you are the only owner, is insured by the NCUA up to $250,000. If you have a joint owner, each of you is insured up to that amount for overall coverage of $500,000. You can add joint owners or beneficiaries to extend the amount covered.
Where can I find more information about how my funds are insured by the NCUA?
The National Credit Union Association has an online brochure that explains insurance for different types of accounts. You can also visit mycreditunion.gov to use their share insurance calculator. As always, we are here for you if you have questions.
For more information about how your money is protected, please visit mycreditunion.gov or reach out to us using Video Banking, by calling (800) 678-8765, or visiting your nearest branch.