NEW YORK (10/10/08)--Associated Press and Washington Post writers in stories this week noted credit unions' competitive rates on savings accounts, was well as federal and private share insurance.
Most shares at credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF), noted the Associated Press, which pointed out credit unions also offer more competitive rates on savings accounts.
Members also can access branches through shared networking. "The bigger the credit union, the more likely it is to offer services such as credit cards, mortgages, ATMs or online banking," the article said.
Most consumers are eligible to join a credit union through their geographic area, profession, university or church. And credit unions may have "a greater degree of individual attention" that consumers may be seeking during the current financial crisis, the article noted.
Meanwhile, Washington Post consumer finance columnist Michelle Singletary reminds readers the new Emergency Economic Stabilization Act of 2008--in addition to banks--also temporarily increases the insurance limit to $250,000 on accounts in federal credit unions and the majority of state-chartered credit unions.
"In nine states, 163 state-chartered credit unions offer coverage from American Share Insurance, a private insurance company. It insures up to $250,000 per account," write Singletary.
courtesy of cuna.org