Banking regulators shut down Silicon Valley Bank (SVB) on March 10th, 2023 after the institution suffered a sudden, swift collapse, becoming the second-largest bank failure in history. Signature Bank also collapsed two days later. The failure of these large banks may give you pause, but rest assured that Seattle Credit Union has not been affected whatsoever by either failure and continues to operate safely and securely.

FAQs

Is Seattle Credit Union in trouble, too?

No. Rest assured that Seattle Credit Union is strong, stable, and secure – the recent bank closures do not in any way affect our operations, security, or business strength and your funds are safe and insured. Seattle Credit Union is member-owned, serves a much broader level of business, and is federally insured by the NCUA. You can learn more about the insurance by visiting mycreditunion.gov/share-insurance

How do I know my money is safe at Seattle Credit Union?

Our cooperative, not-for-profit structure means that you are our member-owner, and we are thus accountable to you. As such, we do not have stockholders or engage in potentially dangerous practices to meet the profit demands of such stakeholders. SVB and Signature Bank were for-profit banks, which means they served customers, took deposits, and offered loans beyond the communities where they existed. Seattle Credit Union on the other hand is local, which means your money stays here – we are for main street, not for Wall Street.