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CU System
IChicago TribuneI Money is safe in a CU
CHICAGO (10/2/08)--Yet another newspaper--this time the Chicago Tribune--is educating consumers about federal deposit insurance and making sure that readers know their money is safe in a credit union. Gail Marks Jarvis' article (Oct. 1) discusses the issues in a question-and-answer format. One question, "Is my money safe in a credit union," brought this response: "Like banks, credit unions have insurance that covers investors if the institution has financial trouble and fails. But the insurance varies. The safest comes from the National Credit Union Administration (NCUA). It's just like the FDIC (Federal Deposit Insurance Corp.), with the U.S. government behind it, making sure your money is covered up to $100,000 a person on an account." She refers readers to NCUA's website to check whether their credit union has federal insurance. "If you don't see NCUA at your credit union, it probably means the institution is regulated at the state level with private insurance. That's also insurance, but having the U.S. government as the insurer is the safest form you can have."
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