McLean, Va. — Credit Unions were the topic of this mornings USA Today personal finance writer Sandra Block's column that recommended credit unions for good savings rates.
Block urged consumers to consider credit union rates on CDs as they are often higher than rates on bank CDs.
Block also reminded consumers that are uncertain about the current economy that most credit unions are federally insured and others have private insurance.
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CUNA President Dan Mica was quoted in the column saying, "If a credit union fails, the NCUA will try to find another credit union to take over customer accounts. If that's not possible, the agency will liquidate the credit union and return the money to its members. Customers typically receive their money within three days after a credit union closes."
NAFCU President Fred Becker was also quoted in the column saying like federally insured bank deposits credit union accounts are backed by the full faith and credit of the U.S. Government.
Block ended the column with tips for those interested in joining a credit union.
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