The Joys of Credit Unions

[Noah_Bodie]

http://www.fool.com/personal-finance/saving/2007/08/27/the-joys-of-credit-unions.aspx

...
While credit unions aren't the best fit for everyone, they do offer distinct advantages -- tangible and not-so-tangible -- over big regional or national banks.
...

The article makes a reference to FDIC (Federal Deposit Insurance Corporation) and NCUSIF (National Credit Union Share Insurance Fund) without naming either, but I think it belittles CU coverage by saying one's funds at a CU are "generally insured".

Funds at a federally insured CU are absolutely insured by the federal government, up to $100K, and the CU must display the official NCUA insurance logo.

If you want more info about NCUSIF, check out the NCUA website.
http://www.ncua.gov/ShareInsurance/Index.htm

[TheNewWorldMan]

The problem with FDIC insurance is that the FDIC has approximately $50 billion "insuring" $2 trillion worth of accounts.

[Noah_Bodie]

It will insure against the failure of a bank or two, probably even a couple of dozen smaller ones and perhaps a few large ones.

FDIC won't insure against the failure of the U.S. economy.

Message Edited by Noah_Bodie on 08-28-2007 09:50 PM

[HouseHunter]

At my credit union, funds are insured up to $350k.

[rbbyrbsn]

the CU in town are laughable other than their promotional rates than the promotional rates they offer periodocly, like my CU offers upto 3K for 12 months for 7.9-8.25% your get a .25% discount if you do autopay and another .10% if you have the checking you pay $5/month other than that their signature loan rates are 12.15%-17.15% when another local bank offers 10.99%-13.99%