Your money is safe and sound at Credit Union of Colorado.

FAQs you may have about the recent bank failures and CUofCO's financial soundness

• Should I be worried about my accounts at the Credit Union of Colorado?

  No. Credit Union of Colorado’s balance sheet is strong, and our systems are secure. You can read a statement about this topic from CUofCO CEO, Terry Leis here.

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• How do you know what happened at SVB and Signature Bank won’t happen at the Credit Union of Colorado?

  SVB was heavily concentrated in startup companies and venture capital firms with a small number of depositors holding large amounts of cash in the bank. Signature Bank was heavily focused on banking crypto-currency companies.

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• Are my deposits with the Credit Union of Colorado insured?

  Yes, the Credit Union of Colorado is a federally insured credit union. All Credit Union of Colorado members have National Credit Union Administration (NCUA) Share Insurance. This deposit protection is backed by the United States Government.

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• How much of my money is insured at Credit Union of Colorado?

  NCUA insurance guarantees that you’ll receive the money that you’re entitled to from your deposit account if your credit union goes under. It guarantees up to $250,000 per person, per institution, per ownership category and joint accounts are covered at $250,000 per owner, per ownership category.

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• How does the NCUA work?

  The government requires all federally chartered credit unions to carry NCUA insurance. State-chartered credit unions may purchase private insurance to cover deposits, but many opt for coverage through the NCUA. This premium doesn’t come out of your wallet; credit unions cover the cost.

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• What if I have more than $250,000 with Credit Union of Colorado?

  We want to ensure you that we have cash availability with both primary and multiple contingent sources that will allow us to serve all our members' cash-flow needs no matter how much they have with us.  The Credit Union of Colorado is fiscally sound and has been for the last 90 years.

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• The NCUA Insurance Calculator

  Confirming the accurate amount of insurance you have within multiple accounts can be a bit confusing, so the National Credit Union Administration's (NCUA) Share Insurance Estimator lets consumers, credit unions, and their members know how its share insurance rules apply to member share accounts—what's insured and what portion (if any) exceeds coverage limits. You can even print out the report and keep it for your records. You can access it here: https://mycreditunion.gov/insurance-estimator

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