Your Money is Safe with Us!

Published On: March 17th, 2023Categories: Financial News

Trusted for over 84 years.

Charter Oak Federal Credit Union is a well-capitalized financial institution, maintaining equity reserves and investments that prioritize needed safety and soundness for our members. We are the largest credit union headquartered in Eastern Connecticut with over 88,000 members.

With the recent headlines in the news regarding Silicon Valley Bank and Signature Bank, we understand you may have questions and concerns regarding the safety of your deposits. Your deposits at Charter Oak Federal Credit Union are safe, sound, secure and protected.

Brian A. Orenstein, Charter Oak’s President and Chief Executive Officer, wants the community to be aware that Charter Oak is federally insured. Deposits are protected by the National Credit Union Share Insurance Fund for up to $250,000 per individual depositor, and additional coverage is available for joint account holders and beneficiaries.

“We take the security of your hard-earned money very seriously,” Orenstein said.

Credit union members have never lost a penny of insured savings at a federally insured credit union, and our industry’s deposit insurance fund has the backing of the full faith and credit of the U.S. government. See for more information. Charter Oak also does not perform any cryptocurrency transactions, nor does it lend to any cryptocurrency companies.

“We will continue to make decisions based on our members’ best interests, that is our priority” Orenstein said.

We thank members like you for your trust and support over the past 84 years. We will continue to make decisions based on our members’ best interests, that is our priority. We are here for you! If you have any further questions or concerns, please reach out to us at 860.446.8085.