Do credit unions ever collapse?
Like banks, credit unions can fold but, also like banks, that usually means they merge with another credit union. Regardless of what happens, members are protected through the NCUA insurance. NCUA says if a federally insured credit union does fail, members typically receive payments for their deposits within three days. What about financial literacy—can a credit union teach me how to make smart money decisions? Credit unions pride themselves on being a top source for financial information. Many offer seminars and information on topics such as preventing identity theft and managing credit cards. More information on any of these topics can be found at the NCUA website or by contacting your local credit union.
