Your funds are secure

Yes! GECU is safe and secure as one of the largest local financial institutions in the Tri-State. The Credit Union’s balance sheet is well-managed, and we continue to perform at a high level; we remain in an extremely healthy financial position with strong capital. Our assets are invested in the communities we serve and in a diverse portfolio of other instruments to ensure a consistent return for our members. Because of this diversity, our membership is never exposed to unnecessary risk from a downturn in any particular asset class. You can bank with confidence knowing that your accounts are safe.

Additionally, because we're insured by the National Credit Union Administration (NCUA), your savings are covered up to at least $250,000, backed by the full faith and credit of the United States government.

There is no reason to be concerned. The safety and soundness of the Credit Union remains solid, and our earning assets remain strong. Year after year, we remain one of the strongest credit unions in the country and are well positioned for the future, so you can have full confidence in where your money is and that it is safe and secure. Since these other financial institutions have nothing to do with the soundness of GECU, you will not see any negative impact to your accounts here and how we manage them. Additionally, because we're federally insured by the National Credit Union Administration (NCUA), your savings are federally insured up to at least $250,000 and backed by the full faith and credit of the United States government.

No, the impact of these other financial institutions does not affect GECU. GECU’s leadership team is monitoring this situation closely to understand how the government is handling and positioning this with those affected. GECU member deposits are not and will not be impacted.
 

As of the end of 2022, the Credit Union had nearly $4.7 billion in total assets, making us one of the largest locally based financial institutions in the Tri-State. We continue to have a very sound loan to share ratio to keep us well balanced. Rest assured we do not have the same set of circumstances as those mentioned in the media. They have unique business models that are not representative of most banks and credit unions. We are not involved with venture capitalists or cryptocurrency. The investments we have are well diversified and have put us in a great position for the future.
 

Our assets are invested in the communities we serve and in a diverse portfolio of other instruments to ensure a consistent return for our members. Because of this diversity, members are never exposed to unnecessary risk from a downturn in any particular asset class. You can bank with confidence knowing that your accounts are safe. 

No, GECU is safe and secure as one of the largest local financial institutions in the Tri-State. Our Credit Union’s balance sheet is well-managed, and we continue to perform at a high level. As well, because we're federally insured by the National Credit Union Administration (NCUA), your savings are federally insured up to at least $250,000 and backed by the full faith and credit of the United States government.
 

There are four different ownership categories to consider when looking at NCUA insurance coverage: Individual, Joint, Trust, and Retirement. The total amount combined in individually owned accounts is insured up to $250,000. The total amount combined in joint accounts is insured up to $250,000 per owner. For formal or informal revocable trust accounts, which includes revocable trust accounts and accounts with named beneficiaries, insurance is calculated based on $250,000 per beneficiary. Special rules apply in this situation for accounts combined over $1.25 million. In terms of retirement accounts, the amount in Traditional and Roth IRA accounts are combined and insured separately up to $250,000. Named beneficiaries on IRA accounts do not change the insurance amount. For additional information on NCUA insurance coverage, please visit: mycreditunion.gov.