Now listen all of you here is what you really need to know so you don’t freak yourselves out The NCUA and the FDIC cannot run out of money. It’s backed by the capital of the entire banking system and the Federal government behind that. When we went through the Great Financial Crisis with over 450 bank failures, neither NCUA or the FDIC ever had to borrow from Treasury. Remember the banks and credit unions are required to pay an advance premium to give the FDIC and NCUA all the cash that would be needed. Importantly. I don’t see the same kind of systemic problem that we confronted then. In any event, throughout its nearly 90 year history, the FDIC for instance has a perfect record of protecting insured depositors. Please know your insured bank and credit union deposits are completely safe. The key word is insured

Posted by Suze at 2023-03-12 17:35:11 UTC