VyStar Bank Shutdown: What Is Being Done?

Checking our money in our bank account is a luxury we do not notice until it gets taken away. VyStar bank users are experiencing these difficulties right now. Some account holders of VyStar are worried their savings may not be safe. However, company officials claim all assets of the VyStar banks are not being touched. An author for News4Jax states, “VyStar leaders continue to tell customers that they have not been hacked and that their money is safe. There are two agencies overseeing credit unions including VyStar: The Florida Office of Financial Regulation, a state agency and The National Credit Union Administration, a federal agency”. As seen here, many companies are working diligently to try and make VyStar accounts accessible again. It is reasonable as an account holder to be concerned, but do not panic. Even if VyStar fails to bring back their system, News4Jax explains, “The NCUA protects account holders at credit unions with something called the National Credit Union Share Insurance Fund. That means every person’s account is insured up to $250,000”. A multitude of institutions are keeping watch and hope that VyStar Credit Union’s system is back up and running as soon as possible.  

By: Caroline Triplett

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