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The Joys of Credit Unions

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Senior Contributor

The Joys of Credit Unions


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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.
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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
Message 1 of 5
4 REPLIES 4
Valued Contributor

Re: The Joys of Credit Unions

The problem with FDIC insurance is that the FDIC has approximately $50 billion "insuring" $2 trillion worth of accounts.
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in a credit-scoring postnuclear Stone Age...
Message 2 of 5
Senior Contributor

Re: The Joys of Credit Unions

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
Message 3 of 5
Frequent Contributor

Re: The Joys of Credit Unions

At my credit union, funds are insured up to $350k.
Message 4 of 5
Established Contributor

Re: The Joys of Credit Unions

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%
People say "Only apply for credit you NEED"

I say "apply for credit you have PRATICAL use of"

I don't have AMEX card because I don't want a card that suffers from PMS
Message 5 of 5
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