Except for a very small number of privately insured credit unions (we like these not so much), nearly all credit unions are federally insured by a federal government credit union agency similar to the FDIC called the NCUA that administers the National Credit Union Share Insurance Fund. If you see the NCUSIF logo, you're good.

And, many consumers may wrongly think that they don't qualify to join a credit union because they don't work in the same company. You'd be surprised. Ask. And, once a member, always a member. And, your eligibility makes your family eligible. Still can't find one you qualify to join? In addition, there are many community development credit unions that anyone in the neighborhood can join. Just ask.

Unfortunately, the America Bankers Association and its local affiliates have been running a state and national campaign to demonize member-owned credit unions because they don't pay taxes, as if that is somehow wrong. Of course they don't pay taxes, they're non-profit and return benefits to their members and communities, unlike fee-gouging banks. Lookoutforthelittleguy.org includes helpful information to rebut the banker claims.

Oh, this paragraph is in the interest of keeping my blog fair and balanced: Those privately-insured credit unions we like not so much? They may take on more deposit risk as they move away from traditional credit union values. Not my first choice. But worse, there are a very small number of credit union management types in the thrall of possible individual profits from for-profit conversions. We like these efforts even less so much. But you can count the number of these efforts on your hands, despite banker efforts to encourage them.