MADISON, Wis. (7/21/08)--With ongoing economic turmoil and problems with some financial institutions, many people are wondering where the best place is to put their savings.
USA TODAY personal finance columnist John Waggoner, mentioned credit unions as a viable option Friday in his column.
Waggoner spoke with Bill Hampel, chief economist at the Credit Union National Association (CUNA), before he wrote the column, "Where can you stash your cash," which dealt with options for consumers trying to safely save in difficult financial times.
Often, credit unions will pay higher yields because they are non-profit organizations that don't pay federal taxes, Waggoner noted.
Credit unions' deposits also are federally insured, he added.
In other news, Hampel appeared on FOX News Friday. "Credit unions are very safe and sound," he told the news outlet. "Depositors have nothing to worry about."
Loss rates at credit unions also are very low, he added. "You can count on one hand the number of credit unions that will likely fail," he said.
courtesy of cuna.org