UCU’s message to members in light of the recent bank failures.
March 14, 2023
Since 1967, UCU has been here for our members. For Maine. And for you, wherever you see yourself today and through every stage of life. As a not-for-profit financial institution, we’re owned by our members, not outside stockholders. This means you’re part of something that puts “U” first. We care about our community, and as a Maine credit union, we live the people helping people philosophy that is our foundation.
During this moment of uncertainty as two large banks in the US reached collapse, we want to ensure to you, our member-owners, that UCU is a safe and strong financial institution, just as you’ve come to know over the past 56 years, continuing to be well-capitalized and well-performing. We have a number of safeguards for protecting your funds, as this is always a top priority. That is why all member deposit accounts are insured up to $500,000; with $250,000 in insurance through the National Credit Union Association and $250,000 insurance through Excess Share Insurance, a benefit provided by UCU.
As a Maine-based credit union, we work and live in the same communities that you do, and look forward to serving you for years to come. The UCU team is here to provide the excellent member service you have come to expect, and is ready to answer the questions you may have. At UCU, we are Here for U.