I realize that the collapse of two banks may have created some concerns, therefore I want to take this opportunity to put your mind at ease. There are fundamental differences in what caused these failures and how Upward Credit Union is structured. The makeup of Upward’s investments, financials and operations take a more conservative approach. This helps us ensure we are being good stewards of your financial resources, which you have trusted us with since 1956. Additionally, the Credit Union has NO dealings with crypto-currency or related business. We undergo regular audits by our CPA firm and regulatory exams by our state and federal regulators. We are well-capitalized, healthy, and operate soundly!
Your accounts at Upward are federally insured by the National Credit Union Administration (NCUA) up to $250,000 per account holder and backed by the full faith and credit of the US Government. THE NCUA is the credit union equivalent of the FDIC (Federal Deposit Insurance Corporation) and provides the same level of safety.
Events like we are seeing at Silicon Valley Bank, are a good reminder for all of us to review the beneficiaries, joint owners, and the overall setup of our personal accounts to maximize insurance coverage at whatever institution you may have accounts with. Our federal regulator and insurer, the NCUA, offers some great resources that can help with your analysis and can be accessed here. I encourage you to utilize this tool for all your accounts here and elsewhere. If you need to make any changes to your accounts here at Upward, our amazing Member Services Department stands ready to assist.
Even in these crazy times, it is always a healthy bet to refer your friends and family to Upward. Let us show them how we can be their financial health provider and help them soar Upward.
