With the recent news of Silicon Valley Bank and Signature Bank closing their doors, a lot of people are asking if their money is safe at banks and credit unions. The short answer is absolutely, but it’s natural to want to feel in total control of your hard-earned savings, especially during times of uncertainty. We understand the impact of current market conditions and the concerns any bank closure raises. We remain strong and secure, and your money is safe with us.
Your peace of mind is our top priority and that’s why we’re sharing what keeps your savings safe at Northern:
- Your money is insured. All New York credit unions offer a safe place for members to save their money and all deposits up to $250,000 per individual depositor are protected and insured by the National Credit Union Share Insurance Fund. This works much like banks FDIC insurance. No one has ever lost a single penny of insured share deposits within the credit union system. Check the security of your funds with the NCUA Share Insurance Calculator or contact the NCUA Consumer Assistance Center.
- All New York Credit Unions are regularly examined. Financial regulators thoroughly review credit union practices to ensure proper management, and to maintain the safety and soundness of members’ money. Credit unions are also subject to very strict regulations limiting permissible investments. Your money is protected with us no matter what’s happening on Wall Street or with the economy.
- Credit unions are unable to make as high of risk investments as banks. As a not-for-profit financial institution, Northern has historically invested excess funds in very low to no risk options, such as overnight advances and guaranteed government securities.
- We’re member-owned with a wide membership base. At Northern and Countryside, you’re part of something bigger, a local and strong community of over 40,000 members that believes in lending a hand and giving back. When you bank with a credit union, you’re part of a cooperative owned by the people and have a stake and equal voice in our future direction. We have no outside shareholders and all of our decisions are made locally.
- Better returns on your savings. Your money won’t earn any interest under your mattress but can grow right before your eyes in interest-earning savings or checking accounts. Plus, our checking accounts offer great perks like ATM fee refunds and cashback or dividends. You can even set up direct deposit and automatic transfers to separate accounts and shares, making it easier than ever to build your nest egg.
- Dedicated team to help with your financial goals. As a not-for-profit community-focused credit union we aren’t focused on generating profit for the bottom line, but instead on providing an institution for member-owners to gain information and professional guidance to make the best possible financial decisions for their families.
- You’ll feel less tempted to spend it! Having a stack of money before your eyes can feel good but so does spending it. You know what they say, out of sight, out of mind and it never hurts to remove the temptation to spend money that you might need for emergencies later.
Thinking of keeping your money at home instead? Consider these risks before taking your money home:
- Higher risk of losing your money. You could lose your hard earn savings to fire, theft, or water damage, which is not insured by homeowners or renters insurance.
- More time spent and room for error managing bills. Keeping large amounts of cash could prevent you from paying essential bills from home like your mortgage, car payment, or electricity bill or cause you to make multiple trips to deposit money needed for automatic payments. At Northern and Countryside, we make banking simple with tailored solutions and advanced technology designed to save you time, so you can focus on what matters most.
- Feel safer not carrying cash. Has your wallet ever been stolen? A stolen debit card means calling us to deactivate it or quickly disabling it on the mobile app and getting a new one. Stolen cash means you’re probably never going to see that money again.
- You could accidentally throw it away or forget where it is. In 2009, a woman in Tel Aviv gave her mom a new mattress and threw away the old one. There was just one problem – the mom had hidden $1 million of her savings inside the old one.
Your financial well-being is the “why” for our existence – your why, is our why, and we’re committed to helping you reach your goals. Whether that’s through the dream of homeownership, your first vehicle or credit card, earning a college degree, providing your daughter or son with their dream wedding, or getting through tough times. We’re committed to being your partner, and we’re here when you need us most. We owe our success to you, our loyal and valued member-owners and we are so grateful for that! If you have any questions or concerns over the safety of your money, please reach out to us.