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Old 03-02-2012, 04:36 PM   #1
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Is money safer in banks or credit unions

In case of a melt down in the economy, are credit unions
safer (more solvent) than banks?

I know some banks are heavy into commercial loans and
overseas loans.

Or just strap a brown bag full of cash to the inside frame of
your motor home.

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Old 03-02-2012, 04:52 PM   #2
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I use a credit union ,I don't worry about it , i have enough other things to worry about

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Old 03-02-2012, 05:04 PM   #3
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Wish I had enough of it to have to worry about it.
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Old 03-02-2012, 05:05 PM   #4
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Hi frederick w,
It is the management of the institution that determines if it will live or die. The name means nothing. I do business at both a credit union and a bank(s).
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Old 03-02-2012, 05:05 PM   #5
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Cash is always king we do not use banks unless we have to
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Old 03-02-2012, 05:14 PM   #6
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Anyplace that is FDIC insured is a safe place to keep your money, but inflation will eat away at it unless it is working for you somehow.

Credit unions are far less predatory than the big banks. YOU are an OWNER at a credit union.
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Old 03-02-2012, 05:21 PM   #7
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I hate to say this with the current dept level of the US Government, however any bank / Credit Union having FDIC insurance will be just as safe as another. The federal government insures you funds up to $250,000. If you have more than that in cash get with your banker / broker and have them set you up with a sweep account.


Lets say you have $700,000 in cash. A sweep account will spread the money between 3 different banks. This will keep you under the $250,000 insured amount in any one bank. This insures all your money instead of just the first $250,000.

Now if you are doing business with an FDIC insured bank / Credit Union then the real choice is how the management and staff treat you and the services they offer.

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Old 03-02-2012, 05:23 PM   #8
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If the doomers are correct and the crash comes quickly, neither credit union, bank, or FDIC will survive, and money won't be worth anything anyway. If the doomers are wrong and the big crash does not happen, you should be ok in either.
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Old 03-02-2012, 05:55 PM   #9
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Actually, federally chartered credit unions aren't insured by the FDIC but through the National Credit Union Share Insurance Fund (NCUSIF). Still a federal fund but organized and administered a little differently. Here's some information from the National Credit Union Administration:

The National Credit Union Share Insurance Fund (NCUSIF) is the federal fund created by Congress in 1970 to insure member's deposits in federally insured credit unions. On July 22, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law and included permanently establishing NCUA’s standard maximum share insurance amount at $250,000. All deposit insurance resources reflect this higher level of coverage.

Administered by the National Credit Union Administration, the NCUSIF is backed by the full faith and credit of the U.S. Government.

How the Fund is Financed?

The NCUSIF maintains at or near 1.30 percent of federally insured credit union deposits. By law, federally insured credit unions maintain one percent of their deposits in the NCUSIF and the NCUA Board can levy a premium if necessary. Credit unions voluntarily capitalized the Fund in 1985 by depositing one percent of their deposits into the Fund.

No federal tax dollars have ever been placed in the Fund, and no member has ever lost money insured by the NCUSIF.

State chartered credit unions sometimes are insured by other means. It's a good idea to ask when you open an account anywhere. I have more confidence in a good locally managed credit union than I do in most any bank. Credit union board of directors and supervisory committee members are all volunteers and there are no stockholders since the credit union members are the owners.
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Old 03-03-2012, 08:45 AM   #10
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Think about who owns a bank, Some rich dude (or dudes an dudettes) who are in it for hte money, they are sure to line their own (offshore) accounts and really do not care what happens to you "little guys"

Now think about who owns the credit union.. YOU and the other members.

And that answers your question.

FACT: Money "in the bank" is not the best investment. It is costing you every day it sits there, since once the economy recovers fully we will be back to inflation being greater than the interest paid by the "Bank".

Fact 2: I will not offer an alternative.

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