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Who Owns Cash?

JimKennedy
  |     |   2 posts since 2016

If you make a  deposit in a Credit Union who owns the cash?

You or the Credit Union?

If a bank goes broke you are a unsecured creditor.  The bank owns your money. How does that work in a credit union situation?

Also, does the NCUA have more money that the FDIC to pay shareholders if the CU goes broke?

The FDIC has $25billion to cover $968billion in bank deposits...About 6 cents per $100.  What does the NCUA have?

My credit union could not answer the question.  I suspect a lot of people are wondering.  What's the skinny?

Thank you for your help.

Best regards,

Jim Kennedy

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Answers
Shorebreak
  |     |   4,039 posts since 2010
NATIONAL CREDIT UNION SHARE INSURANCE FUND

https://www.ncua.gov/services/Pages/share-insurance/Documents/share-insurance-highlights-march-2016....

Even though it may seem farfetched that individual deposits might be at risk, investors and savers should not be complacent. Individuals can seek out smaller banks with good credit ratings that do not participate in derivatives trading.
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