In response to the current financial climate relating to the failures of three US banks in a week, Stacey Mills, President/CEO of Welcome Federal Credit Union (WFCU), issued a statement on March 20, 2023.
“We understand the recent news in the financial industry is causing significant concerns for everyone.
Your money is safe and sound at Welcome Federal Credit Union (WFCU), just as it has been for the last 49 years. WFCU is a well-capitalized Credit Union, maintaining sufficient liquidity throughout the pandemic and through these turbulent times, ensuring we can constantly meet your cash and lending needs.
All deposits at WFCU are insured up to $250,000 per individual depositor. Your money is safe at WFCU, and you can always access your funds when needed.”
At WFCU, your money is safe and fully insured. Use the National Credit Union Association (NCUA) calculator to determine your current level of insured coverage. Meet with a WFCU representative to determine how to structure your accounts to maximize your insurance levels.
Credit union members have never lost a penny of insured savings at a federally insured credit union.1
- Jim Nussle, President and CEO of the Credit Union National Association (CUNA), stated, “The credit union difference means that credit unions act with the best interests of member-owners at heart, and credit unions will continue to meet member needs.”2
- “The credit union system remains well-capitalized and on a solid footing,”3 according to Todd Harper, Chairman of the NCUA. He says, “Credit unions have access to a wide range of liquidity sources.”4
- NCUA’s Supervisory Priorities underscore the credit union industry’s regulatory guidelines for risk management and risk policy.
With interest rates forecasted to rise through the end of 2023, you can watch your money grow safely in a Welcome Savings account. You will always have access to your money, and you will always be protected. You’re always welcome at WFCU!