This can happen to all of us ??
(media.greatawakening.win)
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LOCAL COMMUNITY CREDIT UNIONS... remove your money from big bank
Yes, this. But do your research...not all credit unions are insured. All federal credit unions and many state-chartered credit unions are federally insured by the National Credit Union Association. Some state-chartered credit unions cover themselves by private deposit insurance. But the remainder are not. If they are, their insurance status should be displayed somewhere obvious on their website.
So what? There is less than 1% of assets in those insurance programs, and the insurance does not apply if there is a "bail-in" like what happend in Cyprus.
Go local, that's a good idea, but don't rely on "insurance" that doesn't really mean much.
The insurance can not be offered without meeting very strict, consumer friendly, regulations.
Those regulations guarantee a lot more than the insurance provides.
Additionally, read the part about FICA insurance in the creature from jekyl island. The bank insurance isn't there for your money, it's there for the banks.
Fair point. I should probably then add that part of doing your research is also determining the financial health/stability of the CU you are looking to join.
The world is full of risks...there are no true safe havens. Diligence prevails.
I have that book actually. The Creature from Jekyll Island.
Unions usually have some sort of defining characteristic like Service in the Military, or Living in a certain geographic area.
BECU let's anyone open an account.