President's Blog

by Kerry Wahlen, President/CEO

Are Your Deposits Properly Insured?

September 14, 2018

It’s been 10 years since federal savings insurance coverage increased from $100,000 to $250,000 per member. Not one penny of insured deposits has ever been lost by a member of a NCUA-insured credit union.

Our members were thrilled with the insurance increase in 2008, and moved deposits they had elsewhere to our Credit Union. Goldenwest has a long-standing history of paying high dividends on deposits. The annual Bonus Dividend is one of the many ways Goldenwest gives higher returns to Credit Union depositors.

One of the best tips I give members about deposits is related to structuring accounts at Goldenwest to ensure your funds in excess of $250,000 are properly insured.

For example, a member can have a Goldenwest Insured Money Market account for the amount of $250,000 in his name only. He can open a different Insured Money Market account at Goldenwest with a joint-owner on the account – perhaps his wife or one of his children – and have NCUA insurance up to $250,000 on that account too. As long as there is a different joint-owner or beneficiary on each account, a member can have full NCUA insurance on all of their funds at Goldenwest. This same scenario rings true for any combination of Goldenwest deposit accounts – including certificates, insured money market accounts, share savings, IRA accounts, and checking accounts.

Goldenwest continues to operate as well-capitalized credit union with the highest 5-star rating from BauerFinancial. Our strong financial position, combined with a robust economy, has allowed us to increase rates on insured money market accounts and offer special rates on certificates. We have followed the popular Step-Up CD with new special offers, including a 21-month certificate at 2.50% APY and a 31-month certificate at 2.85% APY.

In addition to increasing deposit rates, we have other great things happening at the Credit Union. We wish to thank our members who participated in the fundraising campaign to help find a cure for Cystic Fibrosis. Together, we raised more than $12,000 that was donated to the Cystic Fibrosis Foundation of Utah.

In partnership with Intermountain Healthcare, and through our Healthcare Credit Union branches, we are offering tuition assistance programs for qualifying Intermountain employees desiring to become certified as medical assistants, pharmacy technicians, and surgical technicians. Plus, Healthcare Credit Union, a Goldenwest company, is sponsoring CNA Certification Scholarships for qualifying Intermountain employees. If you are one of the 39,000+ Intermountain Healthcare employees wishing to advance in your career, your Healthcare Credit Union is ready to help you take the next step in financing your education.

Before the end of the year, we will open the 40th branch in our Credit Union network. The new Goldenwest office will be located on Redwood Road in the City of North Salt Lake. We are excited to provide this new branch for our growing membership.

Every day I am reminded of the privilege that is ours to participate in this not-for-profit financial cooperative. We are now 135,000+ members strong! Together, we can help each other reach our financial goals and dreams.

Best wishes for a beautiful and productive fall season! As always, I invite you to follow me on Twitter at @GoldenwestCUCEO for the latest updates at the Credit Union.

Kerry Wahlen

Kerry H. Wahlen
Email: president@gwcu.org
Twitter: @goldenwestcuceo

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