![]() If your bank were to fail or run out of money, the FDIC will pay account holders the money they are due from the accounts in the failed bank. The FDIC is a government agency that provides deposit insurance for up to $250,000 per depositor, per insured bank, for each account ownership category. However, even though credit unions are not subject to FDIC insurance, Congress created the National Credit Union Administration (NCUA) in 1970 to insure deposits in credit union accounts. Credit union representatives will likely give you personalized attention and help you identify the best services for your needs-something often lacking at large banks.Ī common concern about credit unions is that they’re not insured by the Federal Deposit Insurance Corporation, or FDIC. Attentive customer service: Since credit unions are smaller and committed to serving their members, not investors, they tend to provide better customer service.Higher interest rates on bank accounts help your money grow faster, while lower rates on loans make it cheaper to borrow money. Better rates on savings accounts and loans: Credit unions offer higher interest rates on savings accounts and lower rates on loans-exactly what consumers want.For example, credit unions are more likely than banks to offer checking accounts without monthly maintenance fees or minimum balance requirements. ![]()
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