East River Federal Credit Union - Message to Our Members: Your money is safe at East River Federal Credit Union

Message to Our Members: Your money is safe at East River Federal Credit Union

If you’ve been following the news these past few days, you’ve likely heard about the troubles of two very large U.S. banks. As a member-owned financial cooperative, East River Federal Credit Union wants to assure you that we are a solid and dependable place for your money.

What is the difference between these banks and East River Federal Credit Union?
Silicon Valley Bank (SVB) and Signature Bank’s banking models are not representative of the entire U.S financial ecosystem. Their businesses were mainly startup companies, venture capital firms, and crypto companies. They relied heavily on investors and stock options. This is not comparable to who we are as a credit union either.

Is my money safe at East River Federal Credit Union?
East River Federal Credit Union remains well-capitalized and well-positioned to serve our membership and our community. Our depositors are mainly individual members of the community. They are your family, friends, co-workers, and neighbors. Those deposits are then turned into loans for that same membership. We do things that are beneficial for the entire membership, not for stockholders.

I’ve heard a lot about deposits not being federally insured. Are my deposits insured at East River Federal Credit Union?
East River Federal Credit Union is federally chartered by the National Credit Union Administration (NCUA) which insures your deposits up to $250,000. No one has ever lost a penny of insured deposits. If you have questions about how this works or if you think you may need additional coverage, please see our resources list below, or contact a credit union representative.

What about the credit union system as a whole, is it stable?
NCUA Board Chairman Todd Harper has released a statement saying, “the credit union system remains well-capitalized and on a solid footing.” In addition, over 90% of credit union deposits are insured by the federal government, compared to only 50% of banks.

As a credit union, we take your trust in us extremely seriously as we work for you, the member. If you have additional questions or concerns, please know that we are here to help. East River Federal Credit Union has been around for sixty-seven years, and we look forward to serving you and our community for many more years to come.