Local credit unions
We have most of our readily available cash in our local credit union which is supposed to be insured by the federal Credit Union bureau but with the uncertainty in the banking industry how confident should I be with my investments there? The credit union was established by the Standard Oil Company back in the 50’s and soon became directed by the employee investors themselves. It was then purchased by another local and larger credit union with ties to the local school employees union. I have never had a problem of any kind with any of my deposits/withdrawals but I am concerned with todays current state of affairs. How safe do you think small credit unions are?
Terry Says
Credit union “shares” are insured by NCUA, backed by the same Federal guarantee of up to $250,000 — but not all credit unions have this insurance. So double check the insurance provider at your credit union. Read this:
https://ncua.gov/newsroom/press-release/2020/deposits-are-safe-federally-insured-credit-unions
And if you are nervous, you can move some of your money to T-bills. Read this: https://www.terrysavage.com/t-bills-beat-cds/
