How We Ensure the Safety of Your Funds at RVCU
Posted on March 13, 2023 at 3:38 PM by Brian Godwin
You may have seen the news about Silicon Valley Bank (SVB) which failed late last week, and perhaps you’ve wondered about the financial stability of River Valley Credit Union and the safety of the funds in your account. We'd like to take a moment to assure you that the credit union is in strong financial condition and your funds are safe.
As a credit union, we do not participate in some of the risker business practices that a bank such as SVB was involved in. We are a not-for-profit financial cooperative, and as such, we are here for our members’ benefit; not for financial gain. This allows us to be more conservative in our approach. We are examined by the Iowa Division of Credit Unions and the National Credit Union Administration (NCUA) on a regular basis, and our portfolio is diversified to limit the potential impact that a downturn in any one element of the economy might have on our operations.
Additionally, each of our members’ accounts are insured to at least $250,000 by the NCUA in the very unlikely event that something were to happen to the credit union. These funds are backed by the full faith and credit of the United States government. Credit union members have never lost a penny of insured savings at an NCUA insured credit union.
Thank you for placing your faith in us. It is a responsibility that we take very seriously.
If you ever have any questions, please don’t hesitate to reach out to us. After all, as a credit union member, you’re not just a “customer” – you’re an owner.