Thanks for visiting our personal finance channel! We hope this free content will help fast-track your financial journey! Everyone's financial journey is different. Please note that there are questions/ comments which I will not be able to answer without fully understanding your financial, personal & other circumstances. WATCH NEXT ⭐ 8 Safest Bank To Keep Your Money: ruclips.net/video/cT02poJAy00/видео.html ⭐ Is Your Money Safe If Schwab, Fidelity or Vanguard Fail | SIPC Protection: ruclips.net/video/kY5BswpUlf4/видео.html ⭐ 5 Money To-Dos Before The Next Bank Meltdown: ruclips.net/video/FRWMsGJ2-NE/видео.html ⭐ Earn 5% On Emergency Savings With T-Bills: ruclips.net/video/fy-SpkucSGk/видео.html ⭐ What Does FDIC Insurance Cover: ruclips.net/video/txmXJBGU_70/видео.html
Can you make a video about banks holding our HSA accounts and how safe our money are with them? Are they under any government insured program? I know Optum Bank is one of them.
ALL BANKS ARE THIEVES! JPMORGAN CHASE BEING ONE OF THE LARGEST IF NOT THE LARGEST, NOW. JAMIE DIMON FOR CERTAIN IS A THIEF, I SPEAK FROM PERSONAL EXPERIENCE, AND IF YOU WORKED FOR HIM AND ALSO SACHS, THEN WHAT'S THAT MAKE YOU?
@@tabbid7369 NCUA evaluated credit unions periodically and arranged mergers of financially endangered credit unions into other credit unions before crisis.
One thing to note about credit unions being small. Many have shared branching. Shared branching means that if a credit union is a member of a shared branch network, that credit union's members can go to branches of other credit unions in the network and make transactions like they would at their own. You can check with your credit union to see if they are in such a network.
My credit union is 55 miles away as I have moved. A shared branch is 100 yards away. What a great benefit. I don't have to change everything and start over.
What if your credit union is woke? I was in a credit union at a big super woke hospital/ university. I have no doubt they'd freeze accounts at the request of the government in the blink of an eye. If one's credit union is in a network with such a place would this be any safer than a national bank?
What are the chances of a credit union converting my funds to CBDCs in the event of the government change over + losing my ability to spend it as I wish?
@@alexk48 The dollar will not disappear completely people will be offered a discount on things in order to encourage the use of the digital dollar but i do not believe it will be forced on people. (My opinion)
I opened my first bank account when I was 16 at a credit union. They had a small office at my high school where I could take out or deposit money to my account for lunch money and other expenses. They had a ton of free classes and brochures to teach us kids about interest and savings account. I still have the account ten years later. I really like the people who work there. Some of friends from high school worked there when we graduated.
I've been with navy federal credit union for over 40 years being military. I know this excludes a big number of the population but having said that, NFCU has a full service app, financial planners, car and home loans and mortgages, credit cards and ATM fees returned at 100s of non-credit union ATMs like at 7-11, for instance. I love it because I am a member and not a customer. I avoid many fees that an ordinary bank has. Never had a bank account except for NFCU. Thanks for all your info!
I have been with Navy Federal Credit union since 2017 .. when I got pre approved for a low rate car loan. When buying my new SUV in the finance office at the new car dealership .. I asked if they could beat Navy Federal's loan rate and the finance manager laughed and said no way.. then he treated me like a dog. Many don't realize this .. but this a big money maker at Car Dealerships as they get kick backs from the Loan Companies etc. I got in on 5% CD last month when they had that offer !! great savings rate.
I worked for a bank , where all employees had free services. As soon as I left that job , I enrolled in my local credit union & saved myself all the fees the bank charges!! No regrets
I love my credit union. I became a member to get a great rate on my mortgage years ago and they service it throughout so I’m dealing with local people. Also got my car loan through them at a crazy low rate and didn’t have to borrow through the dealership.
We joined our credit union in 2011, with all the mess of '08 in our heads. We joined in order to bank our paychecks, but more importantly for help with our mortgage. My wife asked straight up what their foreclosure experience had been. Response: We never foreclosed. Not once. They had programs in place to help struggling families--as they did during Covid. Long story short, when we moved out of the area, they still helped us with our next mortgage. The local closing agent wanted to know more about them, said they were the easiest he'd ever worked with.
Thank you for the information on credit unions! I joined my CU 15 years ago through my college. The same CU brought its services to my work of place, a large teaching hospital. I left the employer but remained with the CU. I like the personalized customer service.
The best thing about a credit union is its involvement with the local community and the not-for-profit respect. Thank you for your great information and enthusiasm.
You’re research abilities are excellent!! Thank you for this information. Going to pass it on to a friend of mine who recently became a widow. She was told she could not open accounts at several Credit Unions and still be insured.
Not sure who would tell her that wrong information. If she has children or grandchildren (even if minors), she can put them as beneficiaries of the account (Payable on Death) and be insured $250K for EACH beneficiary, so she may not even need to put her money in multiple different CUs to be fully insured, depending on how much she needs to have insured. An account with 4 beneficiaries is insured up to $1 million ($250K per beneficiary), and even then, she can open a separate single ownership account (with no beneficiaries) in the same CU and be insured for another $250K (although you may not want to do this to keep the money from going to the estate after death).
@@5DNRG Barbara, thank you so much!! The young lady at the CU was even on the phone with someone who ‘knew more than her’ and she was being told to relay this misinformation on to my friend. You and Diamonds NestEgg are so helpful!!
Thank you Diamond Nestegg! As a credit union CFO, I found your presentation to be very clear, concise, and accurate. You provide a great resource to your “Super Saver” viewers. Keep up the great work providing financial education to RUclips viewers everywhere!
Love, love, love you. You're the only one that explains money issues so I can understand. So grateful to have found you. BTW Suze Orman must also be a fan because she has also recommended some of your videos. Thank You
I was in the military for 28 years. I do not recall a bank at any of the dozens of installations I was stationed or visited - only credit unions. Now, with online banking and no more paper pay checks, or need to write many checks, there is not much need to walk-in. Today, I still get car/home insurance and banking with USAA. I've gotten all my mortgages and CD's (one year at 4.35%) with Navy Federal. Competitive cash back credit cards at both. No problem with ATM's - USAA partners with banks and no fees.
I stumbled upon this video and I am wowed by its content! You break down the information in a very detailed way. You’ve basically answered questions and concerns I had about having money in a credit union specially with all the ongoing chaos. Thanks for the thorough explanation! Just subscribed…
Excellent video! Thank you! It gave me more confidence to keep my money in my NASA Federal CU, because of their better rates and great customer service.
Have been a NFCU (Navy Federal Credit Union) member since 1976 and it's great. They offer a wide range of services including on line banking. For me and many other Vets one of the big advantages is they are Global, with offices all over the world available to many of us who retire in foreign countries. I also have an account with a local stateside bank as a back up because 'stuff happens' when you least expect it and as an Expat you need back-up access to cash if your card gets taken by an ATM, store or bank.
I was in a small credit union that failed about 40 years ago I got a check in the mail. People who had outstanding loans had them called and had to pay them off then. I'm now in what I think is a large CU. I've been very happy. The local service is great although I've had little need for that.
They can't call loans early, unless they are due or subject to being called by their terms. If you have a 30 year home loan, they can't demand full payment right now. They have to sell the loan to another institution and honor the terms.
@@glgermain I was thinking of the smaller personal loans. Yes, I would say you are right. I never had a personal or a car loan. I did assume a mortgage, but paid it off after 3 years.
@@glgermain This was my question too, what happens to my home loan through the CU. I got an outstanding 2.5% rate in 2020 and if I had to refinance it at todays rates it would be difficult to cover that. Thanks for your answer!
@@Litterbaux The FDIC as receiver would sell it to another entity, and the terms of your loan would continue. Same terms, but your payments would be made to a new servicer (which could happen if your existing CU sold your loan). The FDIC can't change the terms of your loan.
I've been a credit union member my entire life. I honestly didn't know the FDIC existed until I was an 18 year old high school senior, but you can bet that I knew what the NCUA was. That was in a class I was taking that year, and I made sure that teacher started talking about both.
I think the anxiety comes from the remote possibility of a national run on all financial institutions. No chance that the insurers will cover everyone. If WF or JP fail, you think they will have any $ left for your small town financial institution? Hell no. The 1% will save their own interests first, not ours. Yes, its not likely, but nobody knows. I used to think my grandparents were so weird for stashing their $ in picture frames, buried in cans in the yard, etc. Haha, they knew what was up!! Thanks for covering CUs!! I've learned so very much from you!
We are members of the Navy Federal Credit Union as well as account holders in Bank of America. As cited on NFCU’s website, it has 12 million members. As reported in BAC’s annual report for 2022, BAC has 56 million customers. You are correct on the pros and cons of credit unions; however, we wish to take advantage of the offerings from both financial institutions.
I'm subscribing. You really do the homework and explain everything so simple people like me can understand thank you so much, i really learned alot on your safe banks video, i actually work for one of top 4 you listed and had no idea why people kept money there, now i know
Thank you for doing this!! I wanted a better understanding of my CU's coeverage under NCUSIF. We should just distribute your subscription to our members.....you have great videos with such helpful information. Please keep up the good work and thanks again!
My small town bank was sold to a credit union. The employees remained the same and I did not notice any change on the intrest rate on my checking account (very low). I will look into transfering any excessive amount above immediate needs to my Vanguard federally insured money market brokerage account. Excellent video.
Thank you for this highly informative video, which gives me more faith in my credit union. Big banks have multiple fees and I'm no longer part of their game. With my credit union, I enjoy higher savings rates and low loan rates for personal, auto, etc. Another big reason I enjoy my CU is that I never pay for checks. Knowing that no one has lost their savings, etc. from a credit union since 2009 is very comforting. Well done, Jennifer!
Just to be clear, no one has lost their INSURED deposits. Be sure to be aware of the limits if you are fortunate enough to have enough to reach the limit.
Thanks for this info! I joined the credit union many years ago when it was sponsored by my company. It’s independent now but has always had good rates and I had several mortgages with them as well as Ira and savings.
New Sub. I definitely love your channel and content. Unfortunately, two years ago, my credit union account was hacked and I had to be on top of them but get the money back. Thankfully I was able to do so.
Great content! What about a CU money market account, is that NCUA insured? Because of the low interest, I’m evaluating higher yield options and have started investing in T-Bill ladders.
Thank you for this video. I just recently became a subscriber! We put some savings into a credit union with high yield interest. If you haven’t already covered this, could you discuss whether online banks are safe.
I originally became a credit union member because of my ex husband's employer. I've probably been there around 40 years. I opened a new checking account with a bank about 10 years ago, and was shocked to see monthly charges. They waived the monthly fees because I was a new customer, but after 6 months I closed the account, and never looked back.
Thank you for making this video.. very informative.. One question ..is the NCUA that is backing these accounts fully funded should a crisis hit or are they like the FDIC which only has a fraction of the reserves for what it is supposed to be covering .. billions versus trillions.. Thank you for your response
Through the years watched as Credit Unions used to be for a particular group to becoming more area based. If you still have paper I-Bonds, Credit Unions will cash those as well. Credit Unions specialize in various different loans, so get pre-approved and save some money. Local - Local - Local so that everyone is helped.
Used to be part of my company, Delta Air Lines. Has been independent since around 2010 but been a member since 1991! Very low interest rates but convenient, super service & better tech than BofA!!!
Joined school district credit union at age 12; qualifying through my dad's employer. Began with youth savings account and have never left. Had home loan, car loans, checking account, money market, savings, and IRA through them. Great rates, great customer service. Once married hubby joined too. He hated the fees at his bank! 5 years ago joined another school district credit union to use for other purchases that I did not want to link to my main accounts, ie: for I bond purchases, invest firms, broker accounts,etc. Plus they had a better summer saver program offering 6% for school employees. More up to date on line banking services too....like being able to move $ to IRA without having to go into branch and fill out paperwork!
I really appreciate this very informative video & finally I’m confident that my hard-earned money is secured. Thank you so much for sharing your free helpful videos, may God bless you❤️🙏
I'm a member of a credit union, and I really like their focus on serving the community and helping people with their finances. Their focus is on trying to help their members and not on charging high fees. It seems like it would be easier to get a loan or mortgage through a credit union.
Thank you Jennifer for a wonderful presentation on CREDIT UNIONS I have been a member of Providian Credit Union here in Alameda CA since 1971 Will you please produce a video on how to read my credit Union financial statement to determine its strengths and weaknesses ❓ I follow all of your work and I am grateful for you
Saint Paul Credit Union. Pays 3% on 10K for using card 20 times, Pays 4% on 15K for using a card 40 times, pays 5% on 20 K for using a card 60 times. This is a month. This was great when interest rates were low. Now I can get 4.2% in a fidelity account or Vanguard without doing anything. Now I keep it as my working checking account and keep less money in it.
I am very happy with my 42 years of CU membership. My original CU was bought by another from another state. It’s too bad that mine doesn’t deal with foreign currencies, when I am traveling outside the US.
Can you add another data point to the fact that 256 CU's failed since 2009? The average asset size of the CU's that failed and the average asset size of all CU's. You will find that most of the CU's that failed were very small compared to the average CU. Most very small CU's fail due to succession planning issues, can't keep up with technology, and sponsoring entity closes. The failures of larger CU's usually are caused by fraud, bad lending (Taxi Cab Medallions), and mismanagement. This is a pretty good video on CU's, but I do not like when a single data point is used without putting into other context. CU's are the safest FI's out there and benefit real everyday people. Thank you for your great work! Make a new video about the crazy t-bill market, rates are moving.
After working at one of the big three banks pre-2008 crisis, for a number of reasons, I decided to move to a credit union and have been with them ever since. Shout out to Patelco in the Bay Area.
For day to day transactions, I find that my local bank and local credit union work equally well and I like both. For a place to park money that has good interest rates e.g. on CDs, I found that during the era from 2014 (when I first started paying attention) to somewhere around 2019, both local and national CUs tended to have better rates on CD specials than banks. But in the current rising interest rate environment, it looks like banks tend to have the better rates, with occasional exceptions.
All good information. Thanks. But as someone who is considering switching to a credit union, how can you assess the financial strength of a given credit union before taking the plunge? Thanks.
Do you have a video about Schwab and Fidelity CD offerings, as far as safety of the institutions. Do they do any due diligence on the institutions, or do they just list the institutions that apply? I have looked at Federalreserve website, but not sure if there is a scoring system on banks. The amount would be under the FDIC amount, but I would prefer to purchase CD's with safe institutions. The higher yield CD's always seem to be offered by banks I have never heard of. Maybe a video idea. I appreciate your work.
CDs with them should be FDIC insured as part of their banking operations, so the usual up to 250k. Money sitting in their brokerage accounts, and even investments with them are probably SIPC insured up to 250k in cash (money chilling in the money market account), and the overall account up to 500k. The investments aren't insured against loss of value, but against the brokerage going bust.
Thanks for feedback. I just remember seeing signature bank listed at one point. I realize that they have FDIC insurance (they do list that on the detail page), but I'd prefer avoiding the entire situation and support banks that are fiscally responsible.
I became a Federal credit union member because it was very convienent. There was a branch in the same building I worked in. Also the have better mortage rates.
I originally joined the my employers credit union because my bank was playing games as to when they would accept or allow me access to my money. So I left my bank and did my banking business with my credit union.
Here in Florida, we've been with Suncoast Credit Union for decades! Other than 1 time, we've had outstanding service. Great services with savings, checking and loans has been the reason why we have stayed with them. We had horrible service from Bank of America bank and we do NOT like the liberal affiliations some of the major banks have. We will never use BOA ever again.
I have had CDs with Credit unions before. But right now I only have my safe deposit box with one of them. What are my risks? Please let us know in a “shorts” video at least.thank you!
It is mentioned by the NCUA that a account holder with “no beneficiaries “ is covered. Can you elaborate why it’s stipulated that the account holder have no beneficiaries? I would think that it would be important to list beneficiaries on all accounts. Thanks. My sons name is Markus too.
NCUA insurance limits are per "Ownership Account Type". One type is an individual account with no beneficiary. This is insured up to $250k per person per institution. Another type is an account with beneficiaries. With single account owners, these are insured up to $250k per beneficiary.
Thank you so much! You did amazing research and presented it in such a clear, organized and pleasant way, with links for us to use. You are the best! Can you put me on your waiting list in case you have room for another client? ❤
In February, I just purchased a 9 month CD earning 5.2% at a credit union with $500,000. Can I add my sister as a beneficiary to increase my insurance appropriately? I would rather not withdraw early from my CD if possible. Thank you for your awesome videos!
@@DiamondNestEgg Thank you. I did and it was super easy to add a beneficiary and double the insurance to $500k! I think this is good for people to know.
Very good information on credit union insurance coverage, but the cash deposit gets near 0.1% interest return. Inflation is much more for protected cash sitting in the credit union ??
My credit union has a savings account that pays 4% APY for up to $10K. Their other savings account type has a tiered interest rate starting at 1% and going up to 2.25%. Since I only use it for cash that I need to keep liquid and have most of my other cash in T-bills, it works fine for me. There are online banks that have higher interest rates, but usually there are hassles involved.
Why I joined a CU: (1) CUs are in my blood; the one my father started is still in business after 70 years. (2) Where I now live in the Hudson Valley, my current CU is a real brick building (one of 21 locations) with real people and an ATM; it's around the corner, while most big banks are a long drive or online only. (3) Of the big 4 "globally significant" banks, one has a Flex CD (rate varies with the Fed) at 3.51% APY; my local CU has a Flex at 5.62% (was 5.74). Local banks have no flex CDs. (4) NCUA. So, pardon my optimism!😊
I love my CU. Low/no fees, community based loans and representative of my community. I hate the idea of monthly fees to someone who is playing the market with my money. My biz is with Bank of America and dealing with them and PPP was a nightmare.
Been with credit union for over 20 years. No fees, local no a big system, very personalized help with any financial problem. I’m greed by my name at the branch I use. Never had any kind of problem.
$250,000 sounds like a lot but it isn't. In just the last 5 or so years it has lost half the value it had towards buying a house. I think deposit insurance should be at least $1,000,000. per account or depositor. "A Million Dollars ain't what it used to be"
I don’t bank with traditional banks except for one online high interest earning bank. Otherwise all my other banking accounts are Credit Unions. Credit Unions have more ATMs than traditional banks. I say that because all credit union ATM’s can be used by any other Credit Union member at zero fees. So that means the ATM network is more robust than any one banks network
@@DiamondNestEgg You can even go into lots of Credit Unions that aren’t even your Credit Union and still do basic transactions like transferring or depositing money. This is referred to as shared banking. Again No Fees
I have belonged to a Credit Union for over 20 years. I use the Credit Union for Checking and Saving, CD's when rates are good. Also better rates on Car Loans and no fees on Checking. My Retirement Account is in another Institution. All other investing is done in Brokerage Account.
Thanks for visiting our personal finance channel! We hope this free content will help fast-track your financial journey! Everyone's financial journey is different. Please note that there are questions/ comments which I will not be able to answer without fully understanding your financial, personal & other circumstances.
WATCH NEXT
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Can you make a video about banks holding our HSA accounts and how safe our money are with them? Are they under any government insured program? I know Optum Bank is one of them.
ALL BANKS ARE THIEVES! JPMORGAN CHASE BEING ONE OF THE LARGEST IF NOT THE LARGEST, NOW. JAMIE DIMON FOR CERTAIN IS A THIEF, I SPEAK FROM PERSONAL EXPERIENCE, AND IF YOU WORKED FOR HIM AND ALSO SACHS, THEN WHAT'S THAT MAKE YOU?
I've been with my credit union since 2010. I joined because I got tired of being ripped off by high bank fees. Thus far, I've been happy!
I worked in credit union industry during 2009 financial crisis. NCUA did great job seamlessly protected members savings during the period of time.
That’s refreshing to hear. Does the size of the credit union make a difference in stability?
@@tabbid7369 NCUA evaluated credit unions periodically and arranged mergers of financially endangered credit unions into other credit unions before crisis.
One thing to note about credit unions being small. Many have shared branching. Shared branching means that if a credit union is a member of a shared branch network, that credit union's members can go to branches of other credit unions in the network and make transactions like they would at their own. You can check with your credit union to see if they are in such a network.
My credit union is 55 miles away as I have moved. A shared branch is 100 yards away. What a great benefit. I don't have to change everything and start over.
What if your credit union is woke?
I was in a credit union at a big super woke hospital/ university.
I have no doubt they'd freeze accounts at the request of the government in the blink of an eye.
If one's credit union is in a network with such a place would this be any safer than a national bank?
What are the chances of a credit union converting my funds to CBDCs in the event of the government change over + losing my ability to spend it as I wish?
@@alexk48 The dollar will not disappear completely people will be offered a discount on things in order to encourage the use of the digital dollar but i do not believe it will be forced on people. (My opinion)
I opened my first bank account when I was 16 at a credit union. They had a small office at my high school where I could take out or deposit money to my account for lunch money and other expenses. They had a ton of free classes and brochures to teach us kids about interest and savings account. I still have the account ten years later. I really like the people who work there. Some of friends from high school worked there when we graduated.
Great job as a student-too bad more primary schools didn't require teaching basic finance.
I've been with navy federal credit union for over 40 years being military. I know this excludes a big number of the population but having said that, NFCU has a full service app, financial planners, car and home loans and mortgages, credit cards and ATM fees returned at 100s of non-credit union ATMs like at 7-11, for instance. I love it because I am a member and not a customer. I avoid many fees that an ordinary bank has. Never had a bank account except for NFCU. Thanks for all your info!
Go Navy-Beat Army!
I have been with Navy Federal Credit union since 2017 .. when I got pre approved for a low rate car loan. When buying my new SUV in the finance office at the new car dealership .. I asked if they could beat Navy Federal's loan rate and the finance manager laughed and said no way.. then he treated me like a dog. Many don't realize this .. but this a big money maker at Car Dealerships as they get kick backs from the Loan Companies etc. I got in on 5% CD last month when they had that offer !! great savings rate.
Same for us...since early '70's
I worked for a bank , where all employees had free services. As soon as I left that job , I enrolled in my local credit union & saved myself all the fees the bank charges!! No regrets
Thanks for sharing
I love my credit union. I became a member to get a great rate on my mortgage years ago and they service it throughout so I’m dealing with local people. Also got my car loan through them at a crazy low rate and didn’t have to borrow through the dealership.
We joined our credit union in 2011, with all the mess of '08 in our heads. We joined in order to bank our paychecks, but more importantly for help with our mortgage. My wife asked straight up what their foreclosure experience had been. Response: We never foreclosed. Not once. They had programs in place to help struggling families--as they did during Covid. Long story short, when we moved out of the area, they still helped us with our next mortgage. The local closing agent wanted to know more about them, said they were the easiest he'd ever worked with.
Thank you for the information on credit unions! I joined my CU 15 years ago through my college. The same CU brought its services to my work of place, a large teaching hospital. I left the employer but remained with the CU. I like the personalized customer service.
You are a financial rockstar. You explanations are so easy to follow. I am a FCU member and enjoy the no fee aspect.
You do such a good job of always explaining whatever topic you are covering. THANK YOU.
The best thing about a credit union is its involvement with the local community and the not-for-profit respect. Thank you for your great information and enthusiasm.
You’re research abilities are excellent!! Thank you for this information. Going to pass it on to a friend of mine who recently became a widow. She was told she could not open accounts at several Credit Unions and still be insured.
Not sure who would tell her that wrong information. If she has children or grandchildren (even if minors), she can put them as beneficiaries of the account (Payable on Death) and be insured $250K for EACH beneficiary, so she may not even need to put her money in multiple different CUs to be fully insured, depending on how much she needs to have insured. An account with 4 beneficiaries is insured up to $1 million ($250K per beneficiary), and even then, she can open a separate single ownership account (with no beneficiaries) in the same CU and be insured for another $250K (although you may not want to do this to keep the money from going to the estate after death).
Her funds are insured to the fullest at each CU she uses...better to have more than one CU for each $250k deposited so she's fully covered at each CU.
@@5DNRG Barbara, thank you so much!! The young lady at the CU was even on the phone with someone who ‘knew more than her’ and she was being told to relay this misinformation on to my friend. You and Diamonds NestEgg are so helpful!!
Thank you Diamond Nestegg! As a credit union CFO, I found your presentation to be very clear, concise, and accurate.
You provide a great resource to your “Super Saver” viewers. Keep up the great work providing financial education to RUclips viewers everywhere!
Love, love, love you. You're the only one that explains money issues so I can understand. So grateful to have found you. BTW Suze Orman must also be a fan because she has also recommended some of your videos. Thank You
I was in the military for 28 years. I do not recall a bank at any of the dozens of installations I was stationed or visited - only credit unions. Now, with online banking and no more paper pay checks, or need to write many checks, there is not much need to walk-in. Today, I still get car/home insurance and banking with USAA. I've gotten all my mortgages and CD's (one year at 4.35%) with Navy Federal. Competitive cash back credit cards at both. No problem with ATM's - USAA partners with banks and no fees.
I stumbled upon this video and I am wowed by its content! You break down the information in a very detailed way. You’ve basically answered questions and concerns I had about having money in a credit union specially with all the ongoing chaos. Thanks for the thorough explanation! Just subscribed…
Excellent video! Thank you!
It gave me more confidence to keep my money in my NASA Federal CU, because of their better rates and great customer service.
Hi Jenn,thanks for your informative videos. I joined a credit union because of favorable loans to its members and great customer service.
Have been a NFCU (Navy Federal Credit Union) member since 1976 and it's great. They offer a wide range of services including on line banking. For me and many other Vets one of the big advantages is they are Global, with offices all over the world available to many of us who retire in foreign countries. I also have an account with a local stateside bank as a back up because 'stuff happens' when you least expect it and as an Expat you need back-up access to cash if your card gets taken by an ATM, store or bank.
I was in a small credit union that failed about 40 years ago I got a check in the mail. People who had outstanding loans had them called and had to pay them off then. I'm now in what I think is a large CU. I've been very happy. The local service is great although I've had little need for that.
I wish there was a better system than getting a check in the mail considering we are in 2023
They can't call loans early, unless they are due or subject to being called by their terms. If you have a 30 year home loan, they can't demand full payment right now. They have to sell the loan to another institution and honor the terms.
@@glgermain I was thinking of the smaller personal loans. Yes, I would say you are right. I never had a personal or a car loan. I did assume a mortgage, but paid it off after 3 years.
@@glgermain This was my question too, what happens to my home loan through the CU. I got an outstanding 2.5% rate in 2020 and if I had to refinance it at todays rates it would be difficult to cover that. Thanks for your answer!
@@Litterbaux The FDIC as receiver would sell it to another entity, and the terms of your loan would continue. Same terms, but your payments would be made to a new servicer (which could happen if your existing CU sold your loan). The FDIC can't change the terms of your loan.
You are the first person that has mentioned the 250 per name on the account. Nice. My credit union explained all this to my wife and I.
Thank you for this information. I'm a credit union member cause I thought it would be safer than a bank. I was wrong. New subscriber here😊
I've been a credit union member my entire life. I honestly didn't know the FDIC existed until I was an 18 year old high school senior, but you can bet that I knew what the NCUA was. That was in a class I was taking that year, and I made sure that teacher started talking about both.
I think the anxiety comes from the remote possibility of a national run on all financial institutions. No chance that the insurers will cover everyone. If WF or JP fail, you think they will have any $ left for your small town financial institution? Hell no. The 1% will save their own interests first, not ours. Yes, its not likely, but nobody knows. I used to think my grandparents were so weird for stashing their $ in picture frames, buried in cans in the yard, etc. Haha, they knew what was up!! Thanks for covering CUs!! I've learned so very much from you!
Thanks for sharing
We are members of the Navy Federal Credit Union as well as account holders in Bank of America. As cited on NFCU’s website, it has 12 million members. As reported in BAC’s annual report for 2022, BAC has 56 million customers. You are correct on the pros and cons of credit unions; however, we wish to take advantage of the offerings from both financial institutions.
I'm subscribing. You really do the homework and explain everything so simple people like me can understand thank you so much, i really learned alot on your safe banks video, i actually work for one of top 4 you listed and had no idea why people kept money there, now i know
My mother had a great credit union I joined and am at still. It's for County workers in our home town. It's very rich, great service.
Thank you for doing this!! I wanted a better understanding of my CU's coeverage under NCUSIF. We should just distribute your subscription to our members.....you have great videos with such helpful information. Please keep up the good work and thanks again!
Distribute away Jim - glad you enjoyed the video!
For all the advantages you mention. The credit union worked with me and provide a personalized service that no bank came close to.
My small town bank was sold to a credit union. The employees remained the same and I did not notice any change on the intrest rate on my checking account (very low). I will look into transfering any excessive amount above immediate needs to my Vanguard federally insured money market brokerage account. Excellent video.
Thanks for sharing
Thank you for this highly informative video, which gives me more faith in my credit union. Big banks have multiple fees and I'm no longer part of their game. With my credit union, I enjoy higher savings rates and low loan rates for personal, auto, etc. Another big reason I enjoy my CU is that I never pay for checks. Knowing that no one has lost their savings, etc. from a credit union since 2009 is very comforting. Well done, Jennifer!
Just to be clear, no one has lost their INSURED deposits. Be sure to be aware of the limits if you are fortunate enough to have enough to reach the limit.
Credit Unions are typically locally owned so the money is managed locally. instead of with the conglomerate of big banks in New York.
Thanks for this info! I joined the credit union many years ago when it was sponsored by my company. It’s independent now but has always had good rates and I had several mortgages with them as well as Ira and savings.
New Sub. I definitely love your channel and content. Unfortunately, two years ago, my credit union account was hacked and I had to be on top of them but get the money back. Thankfully I was able to do so.
Glad you’re enjoying our content and even more glad that you got your money back!
I like the better interest rates for savings and better checking account offers with interest
Ive been a CU member for years. Typically better rates (interest on deposits and loan payments). NFCU is great if you have been in the military.
Thank you! This was helpful and did give me some peace of mind Your videos are always so informative and enjoyable.
Will you do one video on buying gold and invest in gold . thank you
I think Jennifer would rather do a video on diamonds instead. 😉
Great content! What about a CU money market account, is that NCUA insured? Because of the low interest, I’m evaluating higher yield options and have started investing in T-Bill ladders.
Thank you for this video. I just recently became a subscriber! We put some savings into a credit union with high yield interest. If you haven’t already covered this, could you discuss whether online banks are safe.
I am also asking this question. I cant find any info on it.
Thank you for covering this I was hoping you would !!!❤
Just found this channel... very impressed... new subscriber
I originally became a credit union member because of my ex husband's employer. I've probably been there around 40 years. I opened a new checking account with a bank about 10 years ago, and was shocked to see monthly charges. They waived the monthly fees because I was a new customer, but after 6 months I closed the account, and never looked back.
Thanks for sharing
Awesome video very informative and greatly appreciated for the examples; especially the Pros vs Cons. Thanks Jennifer!
Ps. One of the best videos I have seen on the subject.
NFCU has always provided super fast and competitive first mortgage loans. All done online or over the phone. Hassle free
Thank you for making this video.. very informative.. One question ..is the NCUA that is backing these accounts fully funded should a crisis hit or are they like the FDIC which only has a fraction of the reserves for what it is supposed to be covering .. billions versus trillions.. Thank you for your response
Through the years watched as Credit Unions used to be for a particular group to becoming more area based. If you still have paper I-Bonds, Credit Unions will cash those as well. Credit Unions specialize in various different loans, so get pre-approved and save some money. Local - Local - Local so that everyone is helped.
Thanks for the insights!
I appreciate your work on this, thank you.
Used to be part of my company, Delta Air Lines. Has been independent since around 2010 but been a member since 1991! Very low interest rates but convenient, super service & better tech than BofA!!!
Excellent video. Great information, thank you! New sub.
As always very good info! Could you explain how 401k are insured and if fidelity goes bust?
Stay tuned!
Joined school district credit union at age 12; qualifying through my dad's employer. Began with youth savings account and have never left. Had home loan, car loans, checking account, money market, savings, and IRA through them. Great rates, great customer service. Once married hubby joined too. He hated the fees at his bank! 5 years ago joined another school district credit union to use for other purchases that I did not want to link to my main accounts, ie: for I bond purchases, invest firms, broker accounts,etc. Plus they had a better summer saver program offering 6% for school employees. More up to date on line banking services too....like being able to move $ to IRA without having to go into branch and fill out paperwork!
I really appreciate this very informative video & finally I’m confident that my hard-earned money is secured. Thank you so much for sharing your free helpful videos, may God bless you❤️🙏
I'm a member of a credit union, and I really like their focus on serving the community and helping people with their finances. Their focus is on trying to help their members and not on charging high fees. It seems like it would be easier to get a loan or mortgage through a credit union.
Thank you Jennifer for a wonderful presentation on CREDIT UNIONS I have been a member of Providian Credit Union here in Alameda CA since 1971
Will you please produce a video on how to read my credit Union financial statement to determine its strengths and weaknesses ❓
I follow all of your work and I am grateful for you
Saint Paul Credit Union. Pays 3% on 10K for using card 20 times, Pays 4% on 15K for using a card 40 times, pays 5% on 20 K for using a card 60 times. This is a month. This was great when interest rates were low. Now I can get 4.2% in a fidelity account or Vanguard without doing anything. Now I keep it as my working checking account and keep less money in it.
Thanks for sharing
Thanks for this information!!
I am very happy with my 42 years of CU membership. My original CU was bought by another from another state. It’s too bad that mine doesn’t deal with foreign currencies, when I am traveling outside the US.
Thanks for sharing!
A member of a state employees CU since being accepted at the university 30 years ago. Couldn't be happier
Can you add another data point to the fact that 256 CU's failed since 2009? The average asset size of the CU's that failed and the average asset size of all CU's. You will find that most of the CU's that failed were very small compared to the average CU. Most very small CU's fail due to succession planning issues, can't keep up with technology, and sponsoring entity closes. The failures of larger CU's usually are caused by fraud, bad lending (Taxi Cab Medallions), and mismanagement. This is a pretty good video on CU's, but I do not like when a single data point is used without putting into other context. CU's are the safest FI's out there and benefit real everyday people. Thank you for your great work! Make a new video about the crazy t-bill market, rates are moving.
After working at one of the big three banks pre-2008 crisis, for a number of reasons, I decided to move to a credit union and have been with them ever since. Shout out to Patelco in the Bay Area.
Thanks for sharing!
For day to day transactions, I find that my local bank and local credit union work equally well and I like both. For a place to park money that has good interest rates e.g. on CDs, I found that during the era from 2014 (when I first started paying attention) to somewhere around 2019, both local and national CUs tended to have better rates on CD specials than banks. But in the current rising interest rate environment, it looks like banks tend to have the better rates, with occasional exceptions.
Thanks for sharing Matt
I have been a member of my Credit Union ,since 1977 I love it ,it's members owned ,and it's custom friendly
great information!!! Thank you!!!
All good information. Thanks. But as someone who is considering switching to a credit union, how can you assess the financial strength of a given credit union before taking the plunge? Thanks.
Thank you very much! Great information
Reason for being a CU member is usually and overall, much higher savings interest rates.
Do you have a video about Schwab and Fidelity CD offerings, as far as safety of the institutions. Do they do any due diligence on the institutions, or do they just list the institutions that apply? I have looked at Federalreserve website, but not sure if there is a scoring system on banks. The amount would be under the FDIC amount, but I would prefer to purchase CD's with safe institutions. The higher yield CD's always seem to be offered by banks I have never heard of. Maybe a video idea. I appreciate your work.
From what I understand, the brokered CDs they offer are all FDIC-insured
CDs with them should be FDIC insured as part of their banking operations, so the usual up to 250k. Money sitting in their brokerage accounts, and even investments with them are probably SIPC insured up to 250k in cash (money chilling in the money market account), and the overall account up to 500k. The investments aren't insured against loss of value, but against the brokerage going bust.
By the way, Ally Bank has good rates on CDs, including a no-penalty CD and are also FDIC insured.
Thanks for feedback. I just remember seeing signature bank listed at one point. I realize that they have FDIC insurance (they do list that on the detail page), but I'd prefer avoiding the entire situation and support banks that are fiscally responsible.
I became a Federal credit union member because it was very convienent. There was a branch in the same building I worked in. Also the have better mortage rates.
Thank you for this video. ❤
Thank you Jennifer!
Thank You for this excellent information. :-)
I originally joined the my employers credit union because my bank was playing games as to when they would accept or allow me access to my money. So I left my bank and did my banking business with my credit union.
Thanks for sharing
Since the fed will pause raising rates soon should we lock in high interest rates? I see Credit Human credit union has a 5.5% apy CD.
It's *much better* than 1.0%
Excellent! Thanks.
I looked, looked and relooked on the NCUA website and cannot find the Redstone Federal credit union in Huntsville Alabama?
Try calling them instead to confirm
Here in Florida, we've been with Suncoast Credit Union for decades! Other than 1 time, we've had outstanding service. Great services with savings, checking and loans has been the reason why we have stayed with them. We had horrible service from Bank of America bank and we do NOT like the liberal affiliations some of the major banks have. We will never use BOA ever again.
I have had CDs with Credit unions before. But right now I only have my safe deposit box with one of them. What are my risks? Please let us know in a “shorts” video at least.thank you!
It is mentioned by the NCUA that a account holder with “no beneficiaries “ is covered. Can you elaborate why it’s stipulated that the account holder have no beneficiaries? I would think that it would be important to list beneficiaries on all accounts. Thanks. My sons name is Markus too.
NCUA insurance limits are per "Ownership Account Type". One type is an individual account with no beneficiary. This is insured up to $250k per person per institution. Another type is an account with beneficiaries. With single account owners, these are insured up to $250k per beneficiary.
No hidden fees, is the only reason made me to switched from BOA
Thank you so much! You did amazing research and presented it in such a clear, organized and pleasant way, with links for us to use. You are the best! Can you put me on your waiting list in case you have room for another client? ❤
What do you know about quantum financial system. What banks or credit unions are aligned with QFS? When will QFS BEGIN?
In February, I just purchased a 9 month CD earning 5.2% at a credit union with $500,000. Can I add my sister as a beneficiary to increase my insurance appropriately? I would rather not withdraw early from my CD if possible. Thank you for your awesome videos!
I’d suggest reaching out to your CU directly on this.
@@DiamondNestEgg Thank you. I did and it was super easy to add a beneficiary and double the insurance to $500k! I think this is good for people to know.
Recently joined CU simply to diversify where my money is. BA still my primary bank
What happens if the dollar and government crash? SOL?
I belong to two credit unions. I joined both because of their military affiliation. I’m retired Air Force.
Excellent thanks
Can you talk about First Class Demand Notes 5% investment risk? Plus similar like Duke Energy, Ford Motor, GM notes risks in general? Thanks
What I like about my credit union is they will allow me to pay off a loan early without any penalty.
Very good information on credit union insurance coverage, but the cash deposit gets near 0.1% interest return. Inflation is much more for protected cash sitting in the credit union ??
My credit union has a savings account that pays 4% APY for up to $10K. Their other savings account type has a tiered interest rate starting at 1% and going up to 2.25%. Since I only use it for cash that I need to keep liquid and have most of my other cash in T-bills, it works fine for me. There are online banks that have higher interest rates, but usually there are hassles involved.
Why I joined a CU: (1) CUs are in my blood; the one my father started is still in business after 70 years. (2) Where I now live in the Hudson Valley, my current CU is a real brick building (one of 21 locations) with real people and an ATM; it's around the corner, while most big banks are a long drive or online only. (3) Of the big 4 "globally significant" banks, one has a Flex CD (rate varies with the Fed) at 3.51% APY; my local CU has a Flex at 5.62% (was 5.74). Local banks have no flex CDs. (4) NCUA. So, pardon my optimism!😊
I love my CU. Low/no fees, community based loans and representative of my community. I hate the idea of monthly fees to someone who is playing the market with my money. My biz is with Bank of America and dealing with them and PPP was a nightmare.
Been with credit union for over 20 years. No fees, local no a big system, very personalized help with any financial problem. I’m greed by my name at the branch I use. Never had any kind of problem.
Thanks for sharing
$250,000 sounds like a lot but it isn't. In just the last 5 or so years it has lost half the value it had towards buying a house. I think deposit insurance should be at least $1,000,000. per account or depositor. "A Million Dollars ain't what it used to be"
I don’t bank with traditional banks except for one online high interest earning bank. Otherwise all my other banking accounts are Credit Unions. Credit Unions have more ATMs than traditional banks. I say that because all credit union ATM’s can be used by any other Credit Union member at zero fees. So that means the ATM network is more robust than any one banks network
Thanks for sharing - do you know if that’s the case for state-chartered CUs as well?
@@DiamondNestEgg You can even go into lots of Credit Unions that aren’t even your Credit Union and still do basic transactions like transferring or depositing money. This is referred to as shared banking. Again No Fees
I have belonged to a Credit Union for over 20 years. I use the Credit Union for Checking and Saving, CD's when rates are good. Also better rates on Car Loans and no fees on Checking. My Retirement Account is in another Institution. All other investing is done in Brokerage Account.
Thanks for sharing James
Are you saying that cds bought by a credit union are not covered?
Thanks
They are covered.