Your Money is Safe with Us!
A Message from the President/CEO
With all of the alarming headlines about the state of the economy, I want to talk to you about the security of your deposits and the well being of your financial institution, Salem VA Credit Union.
I would like to share some highlights to assure you that you can be confident your hard earned money is safe, sound and secure at Salem VA Credit Union.
Salem VA Credit Union deposits are insured by NCUA
Your deposits at Salem VA Credit Union are insured by the National Credit Union Administration (NCUA) through the National Credit Union Share Insurance Fund (NCUSIF). NCUSIF insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC), but the NCUSIF is more stable and better managed. Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
The NCUSIF insures your deposits in regular share savings accounts, checking and share certificates. Based on the bill that Congress has passed, your deposits are insured up to $250,000. For joint account holders, each owner of the account is insured up to $250,000. If you have an Individual Retirement Account (IRA) it is insured up to $250,000.
Because it’s your money, we take our jobs seriously…
We carefully review products and services, lending procedures and business practices on an ongoing basis to ensure we maintain the integrity of the credit union and the interest of our members. As a result of our safe practices, Salem VA Credit Union made prudent lending decisions when other lenders did not. Salem VA Credit Union has never made the sub-prime mortgages that have affected other financial institutions and proven to be high risk. We do not have investments in mortgage backed securities.
Given the depth of the current housing crisis, Salem VA Credit Union is proud to state that we have NEVER foreclosed on a residential real estate loan made to a member-owner as of September 30, 2008. This is truly a testament to the character and the quality of the members and to Salem VA Credit Union’s conservative underwriting standards.
Salem VA Credit Union is prepared and ready to help….
We do realize that the slowing economy may have a negative impact on some of our members and Salem VA Credit Union is prepared to help members make it through rough economic times removing stress and finding solutions. Remember, “We Are Here For You”.
In this challenging economic environment Salem VA Credit Union is dedicated to promoting the financial well being of our members and maintaining a safe and secure credit union. As always, we appreciate the trust you have placed in us, and we will continue to work hard each and everyday to keep it.
Salem VA Credit Union
Your Financial Statement
We are protecting your financial well-being here at your Credit Union each and every day. Take a look at the link below to view how we are doing.
Salem VA Credit Union Financial Statement
Your Money is Safe at Salem VA Credit Union
We know you work hard for your money, and you want to keep it somewhere that it can remain safe. At Salem VA Credit Union, not only are your funds safe, they’re federally insured. Here are some answers to commonly asked questions we’ve been receiving about the safety of your money at Salem VA Credit Union.
Q. Are my funds at Salem VA Credit Union insured?
A. Yes. Deposits at Salem VA CU are backed the National Credit Union Share Insurance Fund (NCUSIF), a fund administered by the National Credit Union Administration, a U.S. Government agency. Similar to the FDIC for banks, the NCUSIF provides all Salem VA CU members with $250,000 (per the recently-passed Rescue Bill) in coverage for their individual share accounts.
Q. Which accounts are covered by NCUSIF insurance?
A. For individuals, funds in the following accounts that total $250,000 or less are covered: regular shares, checking, and share certificates. For joint account holders, each owner of the account is insured up to $250,000. So a two-person account has $500,000 in coverage.
Q. Are Individual Retirement Accounts covered?
A. Yes. Individual Retirement Accounts (IRAs) are insured up to $250,000.
Q. How can I make sure I don’t exceed the limits of insurance coverage on my accounts at Salem VA Credit Union?
A. If you are concerned that you have funds on deposit that exceed the limits of the NCUSIF, please stop in at any one of our branches or call us Monday thru Friday, 8:00 a.m. – 5:00 p.m., and we’ll be happy to assist you.
If you have further questions or concerns, please feel free to contact us at 540.344.4419 or toll free at 800.308.6384.
Finanical Links for More Information
NCUA Share Insurance Info - find out more about how credit unions are federally insured
CNN Spotlight on Credit Unions - Neil Weinberg, Senior Editor at Forbes Magazine talks about the financial soundness of credit unions