Message from Carrie on Silicon Valley Bank

Carrie To our members,

By now, you have probably heard the recent news regarding the sudden closure of Silicon Valley Bank. We are committed to helping our valued member-owners, like you, feel secure and supported in your banking relationship with Bay Federal Credit Union.

Bay Federal Credit Union is a community-based, member-owned financial institution with a mission of lending out the deposits from the membership back to the membership. You may rest assured Bay Federal Credit Union is considered financially sound and well-capitalized. The Credit Union’s balance sheet is primarily comprised of member auto loans and member real estate loans. Our investment portfolio is considered very safe by industry standards. All member accounts are insured up to $250,000 by the National Credit Union Share Insurance Fund.

Bay Federal Credit Union is committed to serving our members today and well into the future. We sincerely appreciate the trust you have placed in us and thank you for your dedication to your credit union! If you have any questions at all, please reach out by visiting one of our branches or by calling our Member Service Center at 831.479.6000 or 888.4BAYFED, option 3.

Sincerely,

Carrie L. Birkhofer

Carrie L. Birkhofer
President and CEO
Bay Federal Credit Union

Expand All

Silicon Valley Bank Closure FAQ

What happened with the Silicon Valley Bank closure?

Silicon Valley Bank collapsed after a bank run and a capital crisis led to the second-largest failure of a financial institution in US history. California regulators closed down the tech lender and put it under the control of the US Federal Deposit Insurance Corporation. The FDIC will liquidate the bank’s assets to pay back its customers, including depositors and creditors.
Could something like this happen to Bay Federal Credit Union?

Bay Federal Credit Union has a diversified membership base that represents the communities that we serve. As a result, we do not concentrate risk in one area that could adversely affect the deposits of the Credit Union. We are financially sound and at very low risk.
What assurances do I have about Bay Federal’s ability to stay in business?

As a member-owned cooperative, Bay Federal Credit Union has a responsibility to its membership to operate in a financially-sound manner. The Credit Union is considered well-capitalized by as defined by our regulator and insurer, the National Credit Union Administration. Bay Federal's balance sheet is well-diversified with approximately 65% of its assets in loans to members such as auto and home loans, along with personal loans. Approximately 30% of its assets are in cash and investments. The investment portfolio is considered very safe and structured to provide ongoing cash flow for operations. Finally, the Credit Union has posted strong returns for many years. Our Annual Reports are posted on our website and include our financial position at the time of each report.
What happens to my money if something happens to Bay Federal Credit Union?

The National Credit Union Administration, or NCUA, is an independent agency of the United States Government that regulates and supervises federal credit unions. The NCUA also operates the National Credit Union Share Insurance Fund, which insures the accounts of federal credit unions, like Bay Federal. The NCUSIF protects members from loss should their credit union fail. You’ll be pleased to know that no member has lost money from accounts insured by the NCUSIF!
What do I have to do to ensure I am covered by NCUSIF?

Deposits at Bay Federal Credit Union are automatically covered by National Credit Union Share Insurance Fund (NCUSIF) protection. Federally insured credit unions offer a safe place for you to save your money, with deposits insured up to at least $250,000 per individual depositor.
I have multiple accounts with Bay Federal. How do I know if those accounts are all covered?

The National Credit Union Administration's (NCUA) Share Insurance Estimator lets consumers, credit unions, and their members know how its share insurance rules apply to member share accounts, including what's insured and what portion (if any) exceeds coverage limits. When using this tool, you will want Bay Federal's insurance number, which is 12067.

The Share Insurance Estimator calculates, and reports, share insurance coverage for Personal Account and Business Accounts. Personal accounts include shares held by credit union members in single accounts, joint accounts, revocable trust accounts including both Payable on Death/In Trust For (POD/ITF) accounts and living trust accounts, and Individual Retirement Accounts (IRAs). Business Accounts are shares held by credit union members that are corporations, partnerships, and organizations, both for-profit and not-for-profit.
If you need assistance using and understanding the calculator, we would be happy to help you assess your coverage and specific needs, including account structure and beneficiaries. Visit any of our branches or call our Member Service Center at 831.479.6000 or toll-free at 888.4BAYFED, option 3.

Bay Federal at your fingertips. Download our mobile apps for iPhone and Android now!

Jumbo Home Loans

Message from Carrie on Silicon Valley Bank

Silicon Valley Bank Closure FAQ

What happened with the Silicon Valley Bank closure?

Could something like this happen to Bay Federal Credit Union?

What assurances do I have about Bay Federal’s ability to stay in business?

What happens to my money if something happens to Bay Federal Credit Union?

What do I have to do to ensure I am covered by NCUSIF?

I have multiple accounts with Bay Federal. How do I know if those accounts are all covered?