Safety of credit union deposits
I wish to deposit $60,000 in the local teachers' federal credit union. Is this as safe as deposits insured by FSLIC (Federal Savings and Loan Insurance Corporation) or FDIC (Federal Deposit Insurance Corporation)? R.B.
Yes. Deposits in federally chartered credit unions are insured up to $100,000 by the National Credit Union Administration, an agency of the federal government. The NCUA insures many state-chartered credit unions as well. In addition, insurance for state-chartered credit unions is mandatory in 32 states.