Money Market Accounts
BECU is NCUA insured. Does anyone know very much about this form of insurance? IE, how does it compare to FDIC insurance?
If I understand correctly, FDIC is a strong guarantee that you will get your money back ... eventually. If a run on banks occurred, they could choose not to pay you back immediately, but you would eventually be paid. Of course, hyperinflation or crazy depression would also be happening in that case so it might be a problem for your money to be 'locked up' like that.
So back to my question, how reliable is NCUA? It appears to be international, which might make it more reliable if problems were mostly contained to the USA economy.
If I understand correctly, FDIC is a strong guarantee that you will get your money back ... eventually. If a run on banks occurred, they could choose not to pay you back immediately, but you would eventually be paid. Of course, hyperinflation or crazy depression would also be happening in that case so it might be a problem for your money to be 'locked up' like that.
So back to my question, how reliable is NCUA? It appears to be international, which might make it more reliable if problems were mostly contained to the USA economy.
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NCUA Share Insurance