Your money is safest in a federally insured bank or credit union

With full access to your money through digital technology, the safest place for your deposits is within a federally insured bank or credit union. If cash is lost or stolen, it cannot be replaced.

Deposits in banks and credit unions are federally insured up to $250,000, and the insurance programs are backed by the full faith and credit of the United States government.

“Credit union members have never lost a penny of savings at a federally insured credit union,” said Rodney Hood, chairman, NCUA. “All deposit accounts of up to $250,000 at federally insured credit unions are protected by the National Credit Union Share Insurance Fund.”

“The nation’s banking industry is responding to rapidly evolving business conditions that are unprecedented in our history,” said FDIC Chairman Jelena McWilliams. “We have encouraged the industry to work with borrowers who may be impacted by the COVID-19 virus, including offering loan modifications and payment extensions. Institutions want to assist their customers.”

The banks and credit unions of Washington serve all Washington consumers and businesses large and small and protect over $209 billion in deposits.

“We know you have a lot of concerns during the COVID-19 crisis,” said the NWCUA and WBA in a joint statement. “Fortunately, the safety and security of your money need not be one of them.”

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Joanna Yorke is the managing editor of the Vancouver Business Journal. She has worked in the journalism field since 2010 after graduating from the Edward R. Murrow College of Communication at Washington State University in Pullman. Yorke worked at The Reflector Newspaper in Battle Ground for six years and then worked at and helped start ClarkCountyToday.com.