Your Money, Protected and Insured at Clark County Credit Union

As you may have heard in the news, two large banks recently closed leaving many of their customers in a situation with uninsured funds. It is natural to have questions about your own money and how it is protected.

At Clark County Credit Union, not only is your money insured but the credit union is healthy and in a very strong financial position.

The banks that closed had a significant portion (85%) of their deposit base as uninsured deposits. This means the depositors had more than $250,000 in their accounts. With many of those depositors worried about losing their uninsured deposits, it created a run on those banks as the depositors quickly withdrew their money.

For two reasons this is not an issue for CCCU.

1. Each deposit account at CCCU is insured up to $500,000 with American Share Insurance (ASI). ASI is not a state or federal organization, and they uphold the highest standards of financial accountability – both for their company, and the credit unions that they insure. Only the most financially responsible institutions qualify to offer ASI.

2. We have less than 2% of deposits uninsured. In addition, CCCU has 26.28% of our total assets in liquidity. With this level of liquidity, we can easily cover any uninsured deposits that could be withdrawn.

It is important to note that structuring your accounts into multiple depository accounts will allow you to have all your money insured. (Note: traditional bank insurance covers each individual up to $250,000, period. Credit Unions, on the other hand cover up to $250,000 per account, so, for example, if you have 10 separate depository accounts, each totaling $250,000, all $2,500,000 of your monies would be insured, as the insurance at credit union’s is per account. ($250,000 x 10 accounts = $2,500,000) With more accounts, you get more coverage).

In addition, net worth or capital is a buffer against problems that may arise because of market conditions or a variety of problems that could be presented at any bank or credit union. The credit union has a Net Worth ratio of 12.38%, as of February 28, 2023. This is a significant buffer to allow us to weather the current market turbulence. Our peers average 10.15% - we are in a strong financial position.

Rest assured that your money is safe with Clark County Credit Union! If you have additional questions or would like assistance with opening additional accounts for maximum insurance coverage, call us at 702-228-2228.