Recent events highlight why it’s better to bank with an institution that’s not a bank.

Recently, the news has been filled with stories of bank turmoil. If you’re wondering about the security of your money, rest assured that Consumers Credit Union is financially strong, and your money is safe with us.

The banks grabbing the headlines lately are in trouble for reasons completely unrelated to how Consumers conducts and oversees its business and how credit unions operate in general.

What’s happening in banking lately?

First, there is no indication that a widespread banking crisis is unfolding in the U.S. The few banks that are failing are failing for specific and, frankly, unconventional reasons. From ill-advised specializations in accepting massive (and uninsured) deposits from venture-capital-backed start-ups, to forays into the world of cryptocurrency, these banks were operating nearer the fringes of the financial industry.

Back when interest rates were low and economic outlooks were sunny, such riskier investment strategies seemed reasonable, even savvy. Throw in spiking rates and talk of recession, and these banks’ tenuous business models collapsed under huge unrealized losses.

How Consumers Credit Union works and protects you

Beyond being in a different (safer) financial universe from the high-flying ways of these banks, there’s another key difference: Consumers Credit Union is not a bank. Currently, we do not have unrealized losses nor invest in investment securities. Instead, it is our mission to focus primarily on lending the money we receive in deposits in the form of mortgages, home equity loans, vehicle loans, business loans and personal loans back to our membership.

Furthermore, our underwriters and loan officers live and work in the same communities as our members. We’re local people who are committed to helping our neighbors and communities thrive.

And consider this reassuring fact: no one has ever lost a single penny of insured share deposits within the credit union system.

Your money is insured

You can be confident that your money is safe and sound at Consumers because each member is insured up to $250,000 by the National Credit Union Administration (NCUA). A federal agency, the NCUA was created in 1970 to regulate credit unions and insure deposits. For more details, please visit the Consumers NCUA Insurance FAQ.

Consumers is financially strong

Consumers is financially strong, but don’t just take our word for it.

Under NCUA guidelines, we are considered “well capitalized.” Our credit union also undergoes annual reviews, state and federal exams and an independent annual audit of our financial statement.

Credit unions offer banking services but are undoubtedly different than banks

As a credit union, we serve the communities that we are in, rather than any niche types of businesses. Additionally, credit unions are not-for-profit cooperatives, which means when you become a member, you become an owner.

We’re committed to our members

Rest assured that Consumers Credit Union is financially strong.

As always, we’re committed to keeping your money secure and providing services that help you bank how you want, when you want—in person at our offices, through our innovative TellerPlus+ stations, ATMs and over the phone.

We have a lot more knowledge to share in our financial literacy hub, Your Money. Your Life. In keeping with our mission, this extensive online resource is your one-stop shop for financial wellness information, education and advice for every stage of life. Whether you’re a student just starting on your financial journey, a retiree managing your required distributions or anyone in between, Your Money. Your Life. is the place to find answers to the money matters that matter to you.

If you have further questions, we’d love to talk with you. Please reach out to us at 800-991-2221.

Consumers provides banking services for more than 132,000 members. If you have banking questions, call us at 800-991-2221. We make it easy to bank how you want, when you want.

Federally insured by NCUA