Credit union members have never lost a penny of insured savings at a federally insured credit union. Their deposits are protected by the National Credit Union Share Insurance Fund and insured up to at least $250,000 per individual depositor – the same as any other federally insured financial institution.
The collapse of Silicon Valley Bank March 10, 2023 is the second largest failure of a financial institution in U.S. history. Regulators also shut down Signature Bank of New York. While this does not include any credit union failure, we realize it may cause some concerns and questions. As a not-for-profit financial cooperative, we are heavily regulated by the NCUA and required to follow strict compliance standards. Members should rest assured that their money is safe and sound at our credit union.
University of Illinois Community Credit Union was chartered over 90 years ago. We have an experienced team to serve you and answer any questions or concerns. Send us a secure message in digital banking or call/text us at 217-278-7700 with any questions. Again, your money is safe and secure at our credit union and protected up to $250,000 per individual depositor.
You can visit MyCreditUnion.gov for more information about the National Credit Union Share Insurance Fund coverage for consumers.
In addition to our credit union-specific resources, you can find more information about the credit union difference on the Credit Union National Association’s Advancing Communities website at advancingcommunity.com.