I am a member of a credit union and I was wondering if it makes sense to have both checking and savings accounts with a C.U. I was thinking that since C.U aren't F.D.I.C insured that maybe it would be wiser to get a regular checking account at a insured bank and keep a C.U for just savings.
What do you think about this and what are the pros/cons concerning both?
veryhungry
Senior Member - 2K
posted: Jul. 18, 2004 @ 12:40a
they are insured by the feds just not the FDIC they are insured by the CU FDIC equivalent
uggabugga
Senior Member
posted: Jul. 18, 2004 @ 1:25a
Not all credit unions are insured by a federal agency.
CUs used to sometimes have advantages over traditional B&M banks for the casual, non-online, consumer looking for an auto loan, home loan, etc. But if you are willing to search the internet or FW these days, you can almost always find some other product that erases that advantage.
SHarrison
Member
posted: Jul. 18, 2004 @ 10:41a
I'm very happy with my bank, I was only asking a general question concerning both types of banks.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
