What are You Waiting For?
The primary distinction is that credit unions are not-for-profit establishments owned by their account holders, aka "members." Usually to qualify for membership, that you must reside in the same geographic area as the other members, work for the same company, attend the identical college, or share different community bonds. Just like banks, nevertheless, credit unions can fail. And when credit score unions go bust, the National Credit Union Administration (NCUA) comes to the rescue. Much just like the FDIC, the NCUA insures credit union deposits up to $250,000. If the NCUA can't flip round a credit union's funds, it liquidates the credit union and returns all assets to the members. For those who wait too lengthy to say unreturned funds, you could lose them for good. The NCUA does not have a searchable database, however you possibly can lookup your title on this updated record. SEC Chairman Mary Schapiro (thirrd from left) and three different commissioners listen throu