Is a credit union safer than bank? Safer than vanguard?

[Anonymous]

We don’t have any foreign bank accounts. We could move $ from Vanguard money market to one/some of the below:

- pay off some more of mortgage on primary house

- move cash to credit union (government affiliated)

- buy grandparents’ old house and they rent from me

[Anonymous]

What are you worried about?

[Anonymous]

Some people were posting with concerns re FDIC and opening foreign bank accounts …

[Anonymous]

Are credit unions also FDIC insured or do they have backing from their agency or affiliation?

[Anonymous]

Anonymous wrote:Are credit unions also FDIC insured or do they have backing from their agency or affiliation?

They have a functionally similar insurance- NCUA. If something really bad was to happen to the FDIC, a similar fate would likely befall NCUA.

[Anonymous]

No one serious is worried about deposit insurance. Banks are safe.

If you want to worry about something, worry about a recession and inflation.

[Anonymous]

Banks are insured with FDIC and Federal Credit Unions insured with NCUA are fine.

State chartered credit unions are a whole different animal.

[Anonymous]

Anonymous wrote:No one serious is worried about deposit insurance. Banks are safe.

If you want to worry about something, worry about a recession and inflation.

Bit late for that. Already been happening for years. Banks are not "safe" either. Safer than a mattress in a sketchy neighborhood sure, but not guaranteed in event of financial crashes.

[Anonymous]

Anonymous wrote:No one serious is worried about deposit insurance. Banks are safe.

If you want to worry about something, worry about a recession and inflation.

You should be worried about bank runs and hyperinflation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No one serious is worried about deposit insurance. Banks are safe.

If you want to worry about something, worry about a recession and inflation.

Bit late for that. Already been happening for years. Banks are not "safe" either. Safer than a mattress in a sketchy neighborhood sure, but not guaranteed in event of financial crashes.

No, they are literally guaranteed. Guaranteed by deposit insurance. At least up to the limit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No one serious is worried about deposit insurance. Banks are safe.

If you want to worry about something, worry about a recession and inflation.

Bit late for that. Already been happening for years. Banks are not "safe" either. Safer than a mattress in a sketchy neighborhood sure, but not guaranteed in event of financial crashes.

No, they are literally guaranteed. Guaranteed by deposit insurance. At least up to the limit.

If the government of the US pays the deposit insurance. That's a big if since January 20th.

I'm also interested in OPs question, because I've been wondering if we should just pay off our house instead of keeping money in investments, if Republicans are going to crater the economy yet again?

[Anonymous]

Anonymous wrote:No one serious is worried about deposit insurance. Banks are safe.

If you want to worry about something, worry about a recession and inflation.

No one serious was worried that we’d destroy the entire NATO Alliance and become part if the axis of evil either, yet here we are.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:No one serious is worried about deposit insurance. Banks are safe.

If you want to worry about something, worry about a recession and inflation.

Bit late for that. Already been happening for years. Banks are not "safe" either. Safer than a mattress in a sketchy neighborhood sure, but not guaranteed in event of financial crashes.

No, they are literally guaranteed. Guaranteed by deposit insurance. At least up to the limit.

If the government of the US pays the deposit insurance. That's a big if since January 20th.

I'm also interested in OPs question, because I've been wondering if we should just pay off our house instead of keeping money in investments, if Republicans are going to crater the economy yet again?

The thing about your house is that it's not mobile and cash is.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No one serious is worried about deposit insurance. Banks are safe.

If you want to worry about something, worry about a recession and inflation.

You should be worried about bank runs and hyperinflation.

This. FDIC doesn't cover that.

Once your money is out of your hands and electronically stored, it is no longer in your control and you entire savings could disappear with a virus or cyber attack or simply by the government deciding you don't need it anymore.

[Anonymous]

FDIC absolutely does cover runs on the bank.