Monday, September 29, 2008

Your money is safe at your credit union

If you haven’t been living under a rock for the past few weeks you know that there are some crazy things going on in our economy. The stock market, failing banks, and this $700 billion bail out…it can be a lot to worry about. You may be asking yourself, where can I keep my money safe? The answer, in your credit union!

Working in the accounting department of a credit union has taught me a lot about how financial institutions are regulated and how the share insurance works. The great news is that all credit unions are highly regulated by NCUA (National Credit Union Administration) and take measures to assist credit unions that need it. Because of these regulations, the regular auditing of the credit unions compliance to these regulations, and the assistance available, there is little chance for failure. Credit unions that are insured by NCUA must also report the financial information to NCUA on a quarterly basis. (I prepared this report for my credit union when I worked full time – let me tell you they want to know EVERYTHING!) This is a good thing! This information is also made available to the public through NCUA’s website here. Enter the name of your credit union and you can view their financial information. The bottom line, NCUA is able to read the signs of possible failure LONG before it becomes an issue and work directly with the credit unions to steer them in the right direction if necessary. Your credit union is safe!

Your money is safe in a credit union. Not only that, you will earn better interest rates on that money that you would at any bank! This is just another reason why credit unions are the best!

Have you found a credit union yet? Check out my other posts about credit unions here.

No comments:

Blog Widget by LinkWithin