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Reply #6: One small correction - Credit Unions are not covered under FDIC insurance. [View All]

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Ruby the Liberal Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-24-11 04:22 PM
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6. One small correction - Credit Unions are not covered under FDIC insurance.
Only banks are. CUs are covered under a different plan, through the National Credit Union Administration (NCUA). It functions similarly to FDIC (and currently has the same limit of $250k) but a completely separate entity.

The good news on that is that CUs aren't in danger of FDIC's solvency issues like banks are. NCUA insurance is something all CU members should be aware of in the rare but possible event of a CU failure.
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