Mar 16, 2023 / News
Recent news about the failure of Silicon Valley Bank and Signature Bank has many people feeling uneasy about the safety of their money and the security of their financial institutions. For most people, however, the news is more frightening than any of its real-world implications. For a variety of reasons, members of Utah First can rest easy, knowing their money is safe and secure.
Utah First was born in the aftermath of the Great Depression and has successfully navigated every type of financial event over the last 88 years. Our organization was built to last and is well positioned to weather whatever storms may arise in the future. Our business model is well diversified, we avoid high-risk investments, and we engage only in prudent banking practices. We also regularly evaluate our financial position and make adjustments to protect against potential losses and economic downturns.
We are a member-owned institution focused on protecting your funds and ensuring your long-term financial success. As such, Utah First continues to be a great place to save money as you work toward your financial goals. In fact, our savings, money market, and term deposit accounts continue to offer above-market returns, paired with unmatched access to your account information and to our financial experts.
As a member of Utah First, your deposits are protected by the U.S. Government. The National Credit Union Administration (NCUA) insures you for at least $250,000, giving you an additional layer of protection. And, there are lots of simple ways to get increased coverage. For example, each member of a joint account enjoys up to $250,000 in coverage and members’ individual retirement accounts (IRAs) are covered separately, up to the same amount. It’s important to note that no credit union member has ever lost even a single penny of insured savings at a federally insured credit union.
While the collapse of Silicon Valley Bank and Signature Bank may have been surprising and even a little scary, it was a rare, isolated incident and not a result of systemic weakness. The banking system in the United States is unmatched in its strength and security. It is protected by regulatory controls and in recent days, the Federal Government has further demonstrated its commitment to stability by guaranteeing all of Silicon Valley and Signature Bank’s deposits, including uninsured deposits.
You can feel rest assured that your money is safe and sound at Utah First. Our long history and proven financial approach, along with other systemic safeguards, means you can relax knowing your money will grow to help you achieve your next financial goal.
Read a special message from our CEO about the strength and security of Utah First.