Are Credit Unions a Safe Alternative to Banks Amid Financial Crisis?

GOBankingRates2023-03-28

The recent banking crisis may leave you wondering if credit unions are a safe place to park your cash. The truth is credit unions can still fail. But, even if yours does, you’ll probably come out of ...

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The truth is credit unions can still fail. But, even if yours does, you’ll probably come out of ...</p>\n\n<a href=\"https://finance.yahoo.com/news/credit-unions-safe-alternative-banks-113021788.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0390134368.USD","symbol_name":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","start_time":0,"source_url":"https://finance.yahoo.com/news/credit-unions-safe-alternative-banks-113021788.html","article_id":"2322505912","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/rExiAYvDjy7xv.ufEz3G9Q--~B/aD0xMDgwO3c9MTkyMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/gobankingrates_644/39e9c361169f77d53f8273278c699691"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2322505912","pubTimestamp":1680003021,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"The recent banking crisis may leave you wondering if credit unions are a safe place to park your cas","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU1861217088.USD":"贝莱德金融科技A2","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","BK4589":"SVB概念","BK4211":"区域性银行","SIVBQ":"硅谷银行","BK4585":"ETF&股票定投概念","BK4588":"碎股"},"translate_title":"在金融危机中，信用合作社是银行的安全替代品吗？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SIVB":0.9,"SIVBQ":0.9},"content_text":"The recent banking crisis may leave you wondering if credit unions are a safe place to park your cash. The truth is credit unions can still fail. But, even if yours does, you’ll probably come out of the situation financially stable.\nMore: 4 Best Places To Keep Your Money That Aren’t a Checking AccountSee: How To Guard Your Wealth From a Potential Banking Crisis With Gold\nA Snapshot of What Happened at SVB\nSilicon Valley Bank (SVB) catered to many tech companies with account balances significantly in excess of the Federal Deposit Insurance Corporation (FDIC) cap of $250,000. Unfortunately, that means most of the funds the bank held were uninsured. \nSo, when the recent bank run happened, SVB’s cash reserves were quickly depleted, leaving the institution unable to give many customers their money. Fortunately, the federal government agreed to make depositors whole, and SVB subsequently got purchased by First Citizens Bank & Trust Company. However, without these interventions, SVB’s failure would likely have had a devastating ripple effect on the economy.\nWhy the SVB Scenario Likely Wouldn’t Happen at a Credit Union\nSo what makes a credit union different from SVB? Its customer base. Credit unions are member-owned and primarily serve individuals that deposit less than a quarter of a million dollars.\nWhile credit unions don’t receive FDIC protection, member funds are generally insured up to $250,000 by the National Credit Union Administration. (All federal credit unions and most state credit unions offer this coverage.) That means the average credit union customer won’t have to worry about losing their money even if their institution becomes insolvent.\nTake Our Poll: Do You Think Bankruptcy Is an Acceptable Way To Escape Student Loan Debt?\nThinking About Joining a Credit Union?\nIf you’re thinking about moving your cash, ask these questions before choosing a credit union:\n\nCan I join? (Credit union membership is often tied to your city of residence, profession, employer or other criteria.)\nWhat types of accounts are offered?\nCan I manage my accounts online?\nWhat are the current interest rates on available financial products?\nWhere are the credit union’s ATMs located?\nWhat special perks do I get for being a member?\n\nTo save you some research time, we’ve compiled a list of the best credit unions on the market.\nMore From GOBankingRates\n\nThe 15 Biggest Bank Failures in US History\nFinancial Insight in Your Inbox: Sign Up for GBR's Daily Newsletter\nMaximize your savings with these 3 expert tips\nTake Our Poll: How Do You File Your Taxes?\n\nThis article originally appeared on GOBankingRates.com: Are Credit Unions a Safe Alternative to Banks Amid Financial Crisis?","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.3","shortVersion":"4.26.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2322505912"}