I am not a banking expert, but I caught something similar (or exactly the same) as this back in the 1970’s at a STATE Bank in Cibolo, TX. Back then, if you had a checking account, the (State) bank required you to sign a “signature” card. Well, that was their first lie, it wasn’t a document whose sole use was signature verification, but it was the operational contract between the account holder and the bank. And in that document, one of the statements that you were agreeing to with your signature, was a statement to the effect of: If the bank deems that it is insolvent, or that the account holder is becoming insolvent, the bank holder’s assets will be offset. I found a national bank to deal with. I later wised up and I now only deal with Credit Unions, which as a shareholder, I own.
Remember that your Credit Union has to clear its checks through a bank. This means they have a bank account at some bank within the Federal Reserve System and those accounts would be at risk.