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How safe are credit unions amid bank turmoil?

The answer is - very safe. ๐—™๐—ผ๐˜… ๐—ฅ๐—ฒ๐—ฝ๐—ผ๐—ฟ๐˜๐—ฒ๐—ฟ ๐—•๐—ฟ๐—ฒ๐˜๐˜ ๐——๐˜‚๐—บ๐—ฎ๐˜€ ๐—ถ๐—ป๐˜๐—ฒ๐—ฟ๐˜ƒ๐—ถ๐—ฒ๐˜„๐—ฒ๐—ฑ ๐—บ๐—ฒ for this article:


https://www.foxbusiness.com/markets/how-safe-credit-unions-bank-turmoil



Mark Treichel, who spent 33 years at the NCUA and served as executive director of the agency, points out the recent bank runs have been driven by uninsured deposits, and it is "๐˜€๐˜‚๐—ฏ๐˜€๐˜๐—ฎ๐—ป๐˜๐—ถ๐—ฎ๐—น๐—น๐˜† ๐—น๐—ฒ๐˜€๐˜€ ๐—น๐—ถ๐—ธ๐—ฒ๐—น๐˜†" for that to happen to a credit union.


๐—ง๐—ฟ๐—ฒ๐—ถ๐—ฐ๐—ต๐—ฒ๐—น, ๐˜„๐—ต๐—ผ ๐—ป๐—ผ๐˜„ ๐—ฎ๐˜€๐˜€๐—ถ๐˜€๐˜๐˜€ ๐—ฐ๐—ฟ๐—ฒ๐—ฑ๐—ถ๐˜ ๐˜‚๐—ป๐—ถ๐—ผ๐—ป๐˜€ ๐˜„๐—ถ๐˜๐—ต ๐˜๐—ต๐—ฒ ๐—ก๐—–๐—จ๐—” ๐˜ƒ๐—ถ๐—ฎ ๐—ต๐—ถ๐˜€ ๐—ฐ๐—ผ๐—บ๐—ฝ๐—ฎ๐—ป๐˜†, ๐—–๐—ฟ๐—ฒ๐—ฑ๐—ถ๐˜ ๐—จ๐—ป๐—ถ๐—ผ๐—ป ๐—˜๐˜…๐—ฎ๐—บ ๐—ฆ๐—ผ๐—น๐˜‚๐˜๐—ถ๐—ผ๐—ป๐˜€, ๐—ฝ๐—ผ๐—ถ๐—ป๐˜๐˜€ ๐—ผ๐˜‚๐˜ ๐˜๐—ต๐—ฎ๐˜ ๐˜๐—ต๐—ฒ ๐—ฏ๐—ฎ๐—ป๐—ธ๐˜€ ๐˜๐—ต๐—ฎ๐˜ ๐—ต๐—ฎ๐˜ƒ๐—ฒ ๐—ณ๐—ฎ๐—ถ๐—น๐—ฒ๐—ฑ ๐—ฟ๐—ฒ๐—ฐ๐—ฒ๐—ป๐˜๐—น๐˜† โ€“ ๐—ป๐—ฎ๐—บ๐—ฒ๐—น๐˜† ๐—ฆ๐—ฉ๐—•, ๐—ฆ๐—ถ๐—ด๐—ป๐—ฎ๐˜๐˜‚๐—ฟ๐—ฒ ๐—ฎ๐—ป๐—ฑ ๐—ฆ๐—ถ๐—น๐˜ƒ๐—ฒ๐—ฟ๐—ด๐—ฎ๐˜๐—ฒ โ€“ ๐—ฎ๐—น๐—น ๐—ต๐—ฒ๐—น๐—ฑ ๐—ฎ ๐—น๐—ฎ๐—ฟ๐—ด๐—ฒ ๐—ฝ๐—ฒ๐—ฟ๐—ฐ๐—ฒ๐—ป๐˜๐—ฎ๐—ด๐—ฒ ๐—ผ๐—ณ ๐˜‚๐—ป๐—ถ๐—ป๐˜€๐˜‚๐—ฟ๐—ฒ๐—ฑ ๐—ฑ๐—ฒ๐—ฝ๐—ผ๐˜€๐—ถ๐˜๐˜€, ๐˜„๐—ถ๐˜๐—ต ๐—ฆ๐—ฉ๐—•'๐˜€ ๐˜‚๐—ป๐—ถ๐—ป๐˜€๐˜‚๐—ฟ๐—ฒ๐—ฑ ๐—ฑ๐—ฒ๐—ฝ๐—ผ๐˜€๐—ถ๐˜๐˜€ ๐˜‚๐—ฝ๐˜„๐—ฎ๐—ฟ๐—ฑ๐˜€ ๐—ผ๐—ณ ๐—ฎ ๐˜„๐—ต๐—ผ๐—ฝ๐—ฝ๐—ถ๐—ป๐—ด ๐Ÿต๐Ÿฌ%.


However, credit unions are much less likely than banks to have that problem, given that they cater to working people and their depositors are largely individuals whose accounts are lower than $250,000.


Treichel says data shows that the largest 800-or-so banks in the U.S. have an average of roughly 36% of their deposits uninsured. However, even the largest credit unions with more than a billion dollars in assets only have around 9% of their deposits uninsured.


๐—ช๐—ต๐—ฎ๐˜ ๐—œ ๐—ฎ๐—น๐˜€๐—ผ ๐˜€๐—ฎ๐—ถ๐—ฑ ๐—ฏ๐˜‚๐˜ ๐—ฑ๐—ถ๐—ฑ๐—ป'๐˜ ๐—บ๐—ฎ๐—ธ๐—ฒ ๐˜๐—ต๐—ฒ ๐—ฐ๐˜‚๐˜ ๐—ถ๐˜€ ๐˜๐—ต๐—ฎ๐˜ ๐Ÿฎ๐Ÿฌ% ๐—ผ๐—ณ ๐—น๐—ฎ๐—ฟ๐—ด๐—ฒ ๐—ฏ๐—ฎ๐—ป๐—ธ๐˜€ ๐—ต๐—ฎ๐˜ƒ๐—ฒ ๐—บ๐—ผ๐—ฟ๐—ฒ ๐˜๐—ต๐—ฎ๐—ป ๐Ÿฑ๐Ÿฌ% ๐—ผ๐—ณ ๐—ฑ๐—ฒ๐—ฝ๐—ผ๐˜€๐—ถ๐˜๐˜€ ๐˜‚๐—ป๐—ถ๐—ป๐˜€๐˜‚๐—ฟ๐—ฒ๐—ฑ. ๐—ญ๐—˜๐—ฅ๐—ข ๐—ป๐—ฎ๐˜๐˜‚๐—ฟ๐—ฎ๐—น ๐—ฝ๐—ฒ๐—ฟ๐˜€๐—ผ๐—ป ๐—ฐ๐—ฟ๐—ฒ๐—ฑ๐—ถ๐˜ ๐˜‚๐—ป๐—ถ๐—ผ๐—ป๐˜€ ๐—ฎ๐—ฟ๐—ฒ ๐—ฎ๐—ฏ๐—ผ๐˜ƒ๐—ฒ ๐Ÿฑ๐Ÿฌ% ๐—ฎ๐˜€ ๐—ผ๐—ณ ๐˜†๐—ฒ๐—ฎ๐—ฟ ๐—ฒ๐—ป๐—ฑ.


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