Got Your Money in a Credit Union? You Too Are Safe
The National Credit Union Administration wants you to know that your money is safe not just in banks, but in the nation's more than 8,000 credit unions.
The NCUA is to credit unions what the Federal Deposit Insurance Corporation is to banks. So when Congress passed the bailout plan that raised FDIC insurance limits from $100,000 to $250,000 until the end of 2009, the NCUA agreed to go along with the new limits.
In all the discussions about the bailout plan, there has been little talk about credit unions. That's because credit unions have been largely untouched by the subprime mortgage debacle. Still, NCUA leaders have launched an advertising campaign to calm anxious customers. They have also set up a call center to field questions.
"In the midst of financial market turbulence, it is imperative that credit union member owners know that their share accounts are federally insured and backed by the full faith and credit of the United States Government," NCUA Vice Chairman Rodney E. Hood said in a speech at the Credit Union Association of New York's Annual Meeting in Niagara Falls, N.Y. on Thursday.
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Posted by: Tim Scharff | October 10, 2008 11:20 AM
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