[quote=Sandiagon][quote=sd_matt]I moved two thirds of my savings from Wells to Cabrillo Credit Union a couple months ago. Unfortunately Cabrillos customer service kinda sucks so I’m just letting the $$ sit there and continuing to use Wells for day to day. No easy answer. [/quote]
I believe credit union’s insurance is not as good as FDIC. Does anybody have any experience with bankrupt credit union?[/quote]
Currently NCUSIF is that it is self funded by credit unions. It is has not been funded by the Fed, though the Fed supposedly backs it.
I dug up this blog entry on about it. However, as any blog entry applies, take it with a grain of salt. I do not know “how safe” NCUSIF is relative to FDIC. It’s worth investigating.
My understand of what is sort of happening is. A few corp credit unions are failing. As part of covering the failure, NCUA told credit unions to pony more money into NCUSIF. Credit unions said, “um, no”. NCUA, took care of part of the problem through some accounting. NCUA now seeking Fed help to bailout failing corp credit unions so as to not take a hit as much in NCUSIF to avoid increases in premium paid by other credit unions.
