Most credit unions are insured by the NCUA, not the FDIC. Both insure deposits up to $250,000. In addition, credit unions also offer Excess Share Insurance Corporation (ESI), which adds an additional $250,000 of protection.
You are correct, and I should've said FDIC-like insurance. My mistake. CU's are better in many ways, but the centralized control by nat'l regulators outside the institution is a real issue, and one that the ND bank doesn't have.
States have a lot of power that they don't use. Chartering banks, without outsourcing the rules and reserve requirements to the feds, is just one of them.
Most credit unions are insured by the NCUA, not the FDIC. Both insure deposits up to $250,000. In addition, credit unions also offer Excess Share Insurance Corporation (ESI), which adds an additional $250,000 of protection.
You are correct, and I should've said FDIC-like insurance. My mistake. CU's are better in many ways, but the centralized control by nat'l regulators outside the institution is a real issue, and one that the ND bank doesn't have.
States have a lot of power that they don't use. Chartering banks, without outsourcing the rules and reserve requirements to the feds, is just one of them.