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Will our economic challenges ever end?

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Over the last couple of years, our economy had been brought to a screeching stop when COVID hit and businesses were not allowed to stay open. This caused many businesses to close down – never to reopen. This created inventory shortages, job losses, and a reduction in wages. To help during that time, WV Central participated in the Paycheck Protection Program (PPP) by offering loans that allowed businesses to continue to pay their employees. The process that WV Central had to go through was unbelievably complicated but was also necessary. WV Central was part of the solution then and will remain part of the solution going forward.

Since COVID, our economy has suffered due to high inflation (currently 6%) and it now appears we are on the verge of a recession. Simply put, inflation increases the cost of everyday goods which reduces the purchasing power of consumers. To afford to pay for what we need, many have had to dip into their savings to afford the increased costs. If we enter a recession as expected, declines in sales and profits cause businesses to cut costs which might include job losses and could curb access to credit for businesses as well as consumers.

 While we can not accurately predict where our economy might go over the next few years or even the next few months, WV Central can assure you that we will be here meeting the financial needs of our members and working to be a productive part of the solution for our communities.

The latest challenge for us all has been trying to understand what occurred with Silicon Valley Bank. The recent collapse of Silicon Valley Bank has created many questions about financial institutions and whether deposits are safe. We want to assure you that WV Central Federal Credit Union continues to protect your money on deposit here at the credit union.

Deposits are insured by the National Credit Union Share Insurance Fund (NCUSIF) and are insured for up to at least $250,000. Accounts can be structured to provide additional insurance. Please go to https://mycreditunion.gov/share-insurance for more information on the strength of our insurance fund.

As a member of WV Central, you are an owner of our not-for-profit financial cooperative. WV Central was chartered 54 years ago, and we remain committed to our members and our communities. You can be assured that your money is safe and sound.

During tough times, please allow WV Central to be part of your financial well-being. We continue to create deposit and loan products that will benefit all members.

Please go to our website www.wvccu.org to learn more about how WV Central is indeed here to help!

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