SAFE. STRONG. SECURE
With the recent news about the failure of several U.S. banks, we want to share some important information about Nuvision and the continued financial strength, safety, and stability of your credit union.
We have proudly served our hard-working members for over 85 years. Throughout this time, we have smoothly weathered many economic and industry challenges for one simple reason: we have maintained a singular focus on the traditional fundamental banking principle of protecting our members’ hard-earned funds through sound, prudent business practices. We are honored to safeguard our member-owner’s accounts, and have carefully avoided high-risk financial sectors and ventures that could jeopardize the health of your credit union or the security of your finances.
With assets nearing $3 Billion, Nuvision is a well-capitalized financial institution with more than $336 million in regulatory net worth. Our net worth ratio is above 11%, far above the required 7% needed to be classified as a well-capitalized credit union.
How can I maximize the insurance on my deposits at Nuvision
1. Open single and joint accounts: The NCUA insures joint accounts separately from single-owner accounts, as it counts under a different ownership type. Opening a joint account would insure you for an additional $250,000 per person.
2. Add additional beneficiaries to your accounts. You can increase your NCUA insurance coverage by creating a payable-on-death account (also known as an informal trust, in-trust-for, or Totten Trust account) or titling an account in the name of a formal revocable trust (See also #4 below) .
3. Get an account for each family member: Instead of keeping your child’s or spouse’s money in a single ownership account under your name, consider opening a separate account for your child and another for your spouse. That way, each account can be insured up to the maximum amount separately.
4. Create a revocable trust: This is an account owned by one or more people that names a beneficiary (or more than one) to receive the deposits upon the death of the owner. The FDIC and NCUA insure revocable trusts for up to $250,000 for each unique beneficiary. That means if you have two beneficiaries on a single account, that can be insured for up to $500,000
BANKING INDUSTRY & DEPOSIT FAQ
Yes, with assets nearing $3 Billion, Nuvision is a well-capitalized financial institution with more than $336 million in regulatory net worth. Our net worth ratio is above 11% far above the required 7% needed to be classified as a well-capitalized credit union.
We've proudly served our members for over 85 years and have weathered several challenges throughout the years, including the 2008 financial crisis.
We focus on a traditional fundamental banking principle of protecting our members' hard-earned money through sound, prudent business practices . We remain focused on meeting the financial needs of individuals and small businesses, not corporations or select specialized industries.
With over 155k member-owners, we are supported by a diverse membership and do not have a concentration of deposits in high-risk sectors such as tech start-ups or cryptocurrency-related firms.
We are safe and secure with strong capital, well above the amount required by regulators to be well capitalized - and Nuvision has significant liquidity sources.
Deposits are federally insured by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States Government. Nuvision, like most credit unions, is part of the national credit union share insurance fund and not the FDIC. This means that the Fed's actions related to Silicon Valley Bank and Signature Bank will not impact Nuvision.
Our investments are primarily available for sale and are in very safe investments such as government sponsored mortgage-backed securities. They can be sold very quickly if additional funds need to be raised. Also, under the new FRB Bank Term Funding Program, we can borrow against these investments without the need to liquidate the investment.
Just like banks, credit unions are federally insured; however, credit unions are not insured by the Federal Deposit Insurance Corporation (FDIC). Instead, the National Credit Union Administration (NCUA) is the federal insurer of credit unions. This means that the Fed's actions related to Silicon Valley Bank and Signature Bank will not impact Nuvision or any other credit union.
