Credit Unions are partly run under Federal Regulations (which have been gradually, but probably not excessively, relaxed over the past decade or so) and partly under policies established by their Board of Directors (or whatever), so there's some possibility of unsound practices.
My CU used to be limited to Los Angeles County Employees (active & retired), but there seems to have been a merger & expansion so it now admits any "Government employees". I keep about half my money there, and feel ... reasonably comfortable about it, even though the Federal Insurance wouldn't quite cover the total. The other half is in (*sigh*) WaMu -- about which I'm less comfortable, but not worrying since I decided (years ago) that Worry is a waste of time & energy. Pushing 80, I figure that if there is a Big Economic Collapse, the only thing for me to do is to try to cope & survive for a while. A younger person's mileage would, probably, be different.
I do note that the interest I'm getting from CDs at both places is slightly less than the published Inflation Rate, so I'm actually becoming a bit poorer day-by-day, despite being better-off than perhaps half of the American populace.
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Date: 2008-09-30 01:31 am (UTC)Credit Unions are partly run under Federal Regulations (which have been gradually, but probably not excessively, relaxed over the past decade or so) and partly under policies established by their Board of Directors (or whatever), so there's some possibility of unsound practices.
My CU used to be limited to Los Angeles County Employees (active & retired), but there seems to have been a merger & expansion so it now admits any "Government employees". I keep about half my money there, and feel ... reasonably comfortable about it, even though the Federal Insurance wouldn't quite cover the total. The other half is in (*sigh*) WaMu -- about which I'm less comfortable, but not worrying since I decided (years ago) that Worry is a waste of time & energy. Pushing 80, I figure that if there is a Big Economic Collapse, the only thing for me to do is to try to cope & survive for a while. A younger person's mileage would, probably, be different.
I do note that the interest I'm getting from CDs at both places is slightly less than the published Inflation Rate, so I'm actually becoming a bit poorer day-by-day, despite being better-off than perhaps half of the American populace.