Banks verses credit unions insurance
Terry, could you please let me know the pro’s and con’s of having your money in a bank verses a
credit union? Which one is more secure, if the government takes over the banks?
Thank you
Terry Says
The government isn’t going to “take over” the banks! But if a financial institution fails, it’s important to know about your federal insurance coverage. The FDIC covers accounts up to $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank.
Most credit unions — but not all — are federally covered by the same insurance limitations. Read this article for details:
https://www.ncua.gov/newsroom/press-release/2020/deposits-are-safe-federally-insured-credit-unions
But as I noted, not all credit unions are federally insured. So be sure to ask!
