Financial Strength and Stability
March 17, 2023
We are receiving questions from members about the financial strength and stability of Goldenwest Credit Union. I am pleased to report that our members’ deposits are safe, secure, and backed by the full faith and credit of the U.S. Government. The National Credit Union Administration (NCUA) is an independent agency of the federal government that administers the National Credit Union Share Insurance Fund to insure members’ deposits at federally insured credit unions such as Goldenwest.
Goldenwest’s strong financial position is bolstered by capital reserves greater than 13 percent of assets. Proper management of the Credit Union is monitored regularly with examinations by federal regulators along with a reputable third-party accounting firm and internal audits. Results of all internal and external examinations have resolved that Goldenwest is a strong and stable credit union. As a member-owned financial institution with branches throughout Utah and Idaho, we have a diversified deposit base that is not dominated by a single industry nor a small group of investors. The sound policies and practices that we have adhered to for decades will allow Goldenwest to remain on solid ground for generations to come.
Independent rating organizations are recognizing Goldenwest with high-marks for safety and soundness. DepositAccounts.com valuates Goldenwest with an A+ Health Rating and BauerFinancial has awarded its highest 5-star rating to the Credit Union for financial strength.
Credit unions operate as not-for-profit financial cooperatives. The Goldenwest Board of Directors and Administration make decisions in the best interests of our member-owners. Protecting the assets of the Credit Union is among our highest priorities. We are committed to maintaining a strong financial position to provide security and safety for our members’ hard-earned savings.
Although members’ deposits at Goldenwest are automatically protected by NCUA insurance, you may have questions about structuring your accounts to maximize coverage on deposits greater than $250,000. Members can access NCUA’s Share Insurance Estimator to calculate your insurance coverage at Goldenwest. Our team members are happy to meet with you to review your deposit accounts.
Goldenwest continues to provide excellent options for earning competitive yields on deposits. Our deposit options include several Certificate specials and high-yield Insured Money Market Accounts. Deposit accounts can be opened online, over the phone, or in person at branches.
We truly appreciate the trust our members have placed in Goldenwest Credit Union, and we will continue to do everything in our power to retain your confidence and support. If you have questions about NCUA insurance or the Credit Union, please contact us. We’ll take care of you!