When you put money in, notice that it's called a 'share' - this actually represents your share in ownership of that credit union. In a big bank, your money is just a deposit and it's the bank's to do with as they please and by the way you may lose it.
Credit unions operate under different rules, they listen to their owners (us), and the funds are not kept in the same places as big banks. They don't repackage the mortgages or card debt and resell it in different forms multiple times, so aren't stretched out falsely and we can go and get our money out. Big banks are like the over-shorted stocks, there's more in paper than in reality, so if everyone there true to get their money out, which may happen soon, the whole house of cards collapses.
Nonetheless, we've been pulling out cash gradually just in case. You might want to consider this tactic.
I went to a credit union , but forgive my ignorance I don’t know why cash is safer there ,, can you educate me on this TY
When you put money in, notice that it's called a 'share' - this actually represents your share in ownership of that credit union. In a big bank, your money is just a deposit and it's the bank's to do with as they please and by the way you may lose it.
Credit unions operate under different rules, they listen to their owners (us), and the funds are not kept in the same places as big banks. They don't repackage the mortgages or card debt and resell it in different forms multiple times, so aren't stretched out falsely and we can go and get our money out. Big banks are like the over-shorted stocks, there's more in paper than in reality, so if everyone there true to get their money out, which may happen soon, the whole house of cards collapses.
Nonetheless, we've been pulling out cash gradually just in case. You might want to consider this tactic.