i got a savings account with PACU credit union, now what if they go out of buisness or the power go out and they lose everybody records. where will my money go? i have a savings accout but its hard for me to trust my money in them. im scared all of a sudden its gonna be gone and then my money missing. also banks like wachovia, wamu, etc, what if they close down!!! where do our money go if the credit union or bank closes down?
2007-09-01 09:13:51 · 6 answers · asked by Eugene 3 in Business & Finance ➔ Personal Finance
Credit unions are backed by the NCUA, the CU "equivalent" on the FDIC. Keep each account below $100k and you'll be okay.
2007-09-01 14:32:21 · answer #1 · answered by ckm1956 7 · 0⤊ 0⤋
Banks are insured up to $100,000 per account. If you put $600 in an UNinsured mutual fund at 20 years old (instead of buying, say, toy trains with it, LOL!) and added just $10 a week, you'd be worth at least a million and a half by the time you are eligible for Social Security.
The power goes out all the time. They don't lose any records!
2007-09-01 16:35:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Most major banks are FDIC (Federal Deposit Insurance Corporation) insured up to $100,000 so if you fall in that below that amount, you don't have to worry about losing your money if the bank closes. FDIC insures both checking and savings accounts.
2007-09-01 16:23:47 · answer #3 · answered by pinkertn 2 · 1⤊ 0⤋
You make an excellent point. The solution is simple, withdraw all your cash and use it to buy gold ingots. Bury them far far away from prying eyes on some far away undiscovered desert island where no one will ever find them. Then you're good to go. That is, unless pirates show up.
2007-09-01 16:22:23 · answer #4 · answered by Anonymous · 1⤊ 1⤋
Make sure that the place you put your money is FDIC insured.
2007-09-01 18:52:59 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
if they are FDIC, you are fine.
2007-09-01 16:20:17 · answer #6 · answered by Daniel 5 · 1⤊ 0⤋