Is my money safe in a credit union?
My husband and I have all of our money in two separate credit unions. During this worldwide crisis I am concerned our money is not federally insured. I would like to move half of it in a FDIC bank and my husband believes it is safe with credit union. Please help put my concerns at ease.
Terry Says
Your money is insured separately inside a credit union by NCUA — an agency similar to FDIC. The NCUA was created by Congress in 1970 to regulate federal credit unions and insure deposits at all federally insured credit unions. It’s like the FDIC, but for credit unions instead of banks. The NCUA insures up to $250,000 of deposited money as safe in the event of a federally insured credit union going under.
