Are Credit Union Deposits Insured Up To $250,000?

The FDIC doesn’t cover credit unions. So is the money you deposit insured by a federal organization? Or are you on your own?
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[@adriennem5358]

Thank you Clark!

[@hchayes9431]

We are opening a new account today in our 3rd credit union. We only have credit union accounts. We are also paying off a car this month financed at a credit union. And are dividing our funds between all three credit unions. Also we look at the history of the credit union before committing to opening an account.

[@mabast007]

So what to do if you have more than 250k? Just divide them on 2 or 3 CUs?

[@joealmeida]

I disagree with your financial assessment of keeping $250,000 per financial institution. One can surpass this threshold with a revocable trust having 2 or more individuals. For example, a married couple with a revocable trust can maintain up to $500,000 fully insured.

[@Mattrh24]

Exactly. A very high % of deposits are insured in credit unions. But I would argue you can keep more than $250k. A married couple can structure $1 million fully insured. If you add beneficiaries you can add even more. The time as a consumer to move to Credit Unions. Lower loan rates higher deposit rates

[@July.4.1776]

Local community banks are usually locally owed and mostly individuals and small business accounts. 👍

[@cavy95]

So what you’re saying is poor people bank, at credit unions😂😂😂😂

[@scottjohnson921]

I'm not poor, and I have always been at a credit union. Higher deposit rates, lower loan rates, no BS fees.