The FDIC takeover of Silicon Valley Bank and Signature Bank has dominated the news media throughout the country this weekend. I want to assure all Merrimack Valley Credit Union (MVCU) members that 100% of your deposits are insured and that your credit union is financially strong.
The National Credit Union Administration (NCUA) insures all deposits up to $250,000. Deposits in excess of $250,000 are insured by the Massachusetts Share Insurance Corporation (MSIC).
For example, if you have $1,000,000 in an account at MVCU, the first $250,000 of your deposits are insured by the NCUA and the additional $750,000 is insured by MSIC.
Please be assured that as an MVCU member, you never have to worry about the safety of your money. We are a financially sound institution and the insurance we carry for all of our members protects 100% of your deposits.
If you have any questions, feel free to visit any of our branches and speak to one of our MVCU teammates in-person, or talk with our Member Support team by calling 800-356-0067, or visit MVCU.com.
Thank you for being a part of our MVCU family!
President and CEO