Actually, Credit Unions are required to get NCUA (National Credit Union Administration) coverage up to the current $250k limit, then ASI or ESI (Excess Share Insurance) Coverage for members that have higher than the current limit on deposit.
They pay into the NCUSIF (National Credit Union Share Insurance Fund) to keep it all solvent. While some Credit Unions have failed, most are merged into other healthy, stronger Credit Unions to allow for no or minimal use of the fund. (not saying that there hasn't been use of the fund...)
State Chartered credit unions can also be insured through the NCUSIF as well as ASI/ESI.
FDIC is for banks, savings and loans, etc.
IWACUE (I Was A Credit Union Executive).
Go for a smaller Credit Union that isn't huge and isn't trying to turn itself into a bank. In some markets there is a trend to get big banker types to run the Credit Unions, and turn them into a bank - essentially forgetting that they are a member run financial cooperative. I'd say $50M in assets or less but more than $10M in assets is a good size (less than $10M in assets you have a hard time offering competitive services that most folks expect from your primary financial institution)
Perhaps I'll risk being modded down, but SCREW YOU, kind sir. I think it's time the USA takes a card from over the pond, where work is treated as work - where you work to live, not live to work.
Sure, I enjoy what I do, but sometimes you have to just unplug and get away. Burn out is real.
There's no reason you have to trade your soul and work 80 hours a week to just retire and perhaps die a few years later because your body jsut gives out from all the stress and such of a lightning fast pace. I'd rather have a bit less money and enjoy myself, thank you very much.
Slashdot Mirror
Actually, Credit Unions are required to get NCUA (National Credit Union Administration) coverage up to the current $250k limit, then ASI or ESI (Excess Share Insurance) Coverage for members that have higher than the current limit on deposit.
They pay into the NCUSIF (National Credit Union Share Insurance Fund) to keep it all solvent. While some Credit Unions have failed, most are merged into other healthy, stronger Credit Unions to allow for no or minimal use of the fund. (not saying that there hasn't been use of the fund ...)
State Chartered credit unions can also be insured through the NCUSIF as well as ASI/ESI.
FDIC is for banks, savings and loans, etc.
IWACUE (I Was A Credit Union Executive).
Go for a smaller Credit Union that isn't huge and isn't trying to turn itself into a bank. In some markets there is a trend to get big banker types to run the Credit Unions, and turn them into a bank - essentially forgetting that they are a member run financial cooperative. I'd say $50M in assets or less but more than $10M in assets is a good size (less than $10M in assets you have a hard time offering competitive services that most folks expect from your primary financial institution)
Cheers,
Miser
Don't laugh, my A+ *IS* from 7-AUG-1995.
Now get off my lawn! :)
Perhaps I'll risk being modded down, but SCREW YOU, kind sir. I think it's time the USA takes a card from over the pond, where work is treated as work - where you work to live, not live to work.
Sure, I enjoy what I do, but sometimes you have to just unplug and get away. Burn out is real.
There's no reason you have to trade your soul and work 80 hours a week to just retire and perhaps die a few years later because your body jsut gives out from all the stress and such of a lightning fast pace. I'd rather have a bit less money and enjoy myself, thank you very much.
-Miser
I wish I had mod points, as your comment is spot on. "Planning to plan" from Office Space comes to mind.
Yes, I have a lowish number. Just now found my password from many years ago. Welcome back me. :)
-Miser