Important Message from President/CEO, Ralph Ruiz
At ILWU Credit Union, your deposits are safe, insured, and accessible.
In light of recent bank failures reported in the media, I wanted to reassure our members that ILWU Credit Union is a strong, well-capitalized financial institution and that your money is safe and federally insured.
As a not-for-profit financial cooperative, ILWU Credit Union’s top priority is our members’ financial security and success. Recent bank failures have no connection to credit unions but do emphasize how credit unions differ from banks.
- Silicon Valley Bank was a niche bank serving a particular set of customers within the technology industry, including innovative tech start-ups, entrepreneurs, and venture capital firms. The bank was focused on a limited sector, which significantly increased its risk profile.
- Credit unions are not-for-profit financial cooperatives owned by their members to serve those members’ interests. We are not subject to big-profit pressures from investors/stockholders (unlike many banks).
- Credit unions are among the most well-capitalized financial institutions, maintaining equity reserves and liquid investments that prioritize safety and soundness for their members.
- Credit unions remain the most tightly regulated of all depository institutions.
All deposits at federally insured credit unions are protected by the National Credit Union Share Insurance Fund (NCUSIF), a separate fund not associated with the FDIC (Federal Deposit Insurance Corporation) for banks. Credit Union deposits are insured up to $250,000 per individual accountholder, by the National Credit Union Administration (NCUA) and backed by the full faith and credit of the U.S. government. Credit union members have never lost a penny of insured savings at a federally insured credit union. To learn more about how your deposits are federally insured, please visit ilwucu.org/NCUA.
As always, thank you for your continued loyalty and support. We look forward to serving the financial needs of you and your family for many years to come.
ILWU Credit Union