Why Do Credit Unions Freeze Accounts?

Answer Credit unions are a popular alternative to banks for people who work in certain professions. Credit unions allow members to deposit money into both checking and savings accounts. Like a bank, the ... Read More »

Top Q&A For: Why Do Credit Unions Freeze Accounts

Are money market accounts at credit unions safe?

Money market accounts at credit unions are safe if they meet certain criteria. If the credit union has NCUA (National Credit Union Administration) insurance--the equivalent of FDIC insurance for cr... Read More »

What Is the Difference Between Regular Credit Unions & Federally Backed Credit Unions?

Credit unions are chartered by either state governments or the federal government. When people refer to a "regular" credit union, it is generally a state-chartered institution and does not have the... Read More »

Who oversees credit unions?

The National Credit Union Administration (NCUA) is the federal agency that oversees federal credit unions. A three-member board appointed by the President of the United States and confirmed by the ... Read More »

How are credit unions insured?

Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC) to protect investors in case of bank failure, but credit unions are not covered by this organization. Credit unions are... Read More »