March 13, 2023
The recent collapse of Silicon Valley Bank serves as a reminder that the safety and soundness of your financial institution is an important consideration. With Northwest Federal Credit Union as your financial partner, you can feel confident that your hard earned funds are protected.
Your deposits at Northwest, as they are with any federally insured credit union, are protected by the National Credit Union Share Insurance Fund. Deposits are insured up to $250,000 per individual depositor. In the history of credit unions, members have never lost a penny of insured savings at a federally insured credit union.
Northwest has been closely monitoring the Federal Reserve’s interest rates over the past several months and has responded with our own measured rate modifications. The rate changes we enacted have been with our members’ best interest in mind, and to keep members’ deposits safe and sound. As a result of these carefully considered rate changes, Northwest’s financial position remains strong. We are well capitalized and well prepared to weather future economic changes.
Please also keep in mind that there are steps you can take to maximize your share insurance should you have more than $250,000 in deposits. There are several ways we can help you manage your accounts such as distributing deposits between different account types and/or ownership types. If you would like to learn more about maximizing your NCUA insurance, please contact us at 703-709-8900 to discuss your individual situation. Or, you can utilize the Share Insurance Estimator available to you at mycreditunion.gov.
For details on Northwest’s current financial position, feel free to explore our most recent Annual Report and Consolidated Financial Statements available on our website.
Thank you for making Northwest your lifetime financial partner.