Posted on 10/06/2008 5:37:27 PM PDT by RKBA Democrat
Joined the local Steelworkers Credit Union in 1956. Got a payday loan of #25 to tide me over. Was broke on arriving in my adopted city. Today called the "Community Credit Union". I have bought cars and renovated an old house- gone to the old country on the Credit Union.
As well as using a credit union, I tried the old fashioned way of storing a nest egg in the banking system. This as a hedge against future needs. Ok at first, then they tried to wipe out that kind of old fashioned saver. The clerk waiting while a machine clicked up "service charges". Hardly ever paid even 6%.
I guess the old fashioned saver went out of style. The banks had to pay THEM interest. It seems they wanted the client to borrow money, not save it. So far their little gambit seems to have worked......
I had just ordered new checks from Washington Mutual a week or so before they were bought out....our mortgage and one cd are there too.....we’ll see ......
we belong to two Cu’s .....one just a small savings and the other a smaller savings but with IRA cds’....boy, that 4.9 percentage doesn’t look too bad now....
USAA Bank is definitely FDIC insured.
The blurb you are seeing there is boilerplate to make it absolutely clear that their mutual fund instruments are NOT FDIC insured. That is true of all mutual funds no matter where you go.
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