FDIC DIF Cannot Cover All Deposits

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As a member of a credit union, you are an owner. Deposit into a bank? Who is the owner? Who sends your money off to war?

Why Choose a Credit Union vs. a Bank?
Why use a credit union instead of a bank? ... To best answer this question, it is helpful to explain what both of these organizations are and are not. Credit unions and banks are both financial institutions but this is where the similarities end. Let’s first briefly explore what banks are and then move on to credit unions.

Banks are for profit... They are federally insured through the Federal Deposit Insurance Corporation (FDIC). [Fund goes below zero by & by.] As a for profit organization, their overriding concern is to use their resources as efficiently as possible to maximize earnings. This means that consumers are a means to that end...

Credit Unions are not-for-profit organizations offering a wide array of financial services and they are owned by their membership. If you have an account with a credit union, you are a member and an owner... You get only one vote regardless of how much money you have at the credit union and all of our directors are volunteers and receive no compensation for their service. This process guarantees that your credit union is looking out for your financial interests and not that of a small group of stockholders. Credit Unions are also regulated by the government, either Federal or State depending on their charter. Credit Unions are also federally insured (with the exception of a very small number of privately insured institutions). The federal insurance program for credit unions is the National Credit Union Share Insurance Fund (NCUSIF). This fund is arguably stronger than the banks insurance fund. [Hasn't gone below zero. No government bailout.]

Credit Unions can and do make excess earnings (profit), however this money belongs to you the members, not stockholders or management... In fact, most earnings are returned to the members in the form of lower loan rates, higher share deposit rates, fewer fees and better service...

In short... a credit union is a great choice. Because you are the owner, your voice is always heard. It is your interest that comes first [Amen!]... Credit Unions have always outperformed Banks in their industry’s own survey of customer satisfaction among financial institutions... Recently, a banking executive stated that their record profits would have been even higher if it had not been for the existence of credit unions. The best answer to “Why use a credit union instead of a bank?” is that your financial well being is always first with a credit union.

The dollar is not in as much danger as many here have been led to believe. For all those who think a run on the banks is not possible because the dollar is not backed by anything and can just be printed, consider this:
The Fed printing presses operate continuously at near full capacity and provide approx $400 million per day. There is only about $1 trillion of physical US currency in existence on the planet and about two thirds of it is held overseas. That means there is only about $350-$400 billion in cash within the United States. If every american held a mere $1,000 in cash at home, there would be NONE left in bank vaults, in store registers, or in the Fed warehouse.
If the demand for cash suddenly rose, the Fed only has $70-$90 billion in its warehouse to ship to the banks. Public confidence can be a very fragile thing, and the existence of the FDIC is not enough to stave off a run on the banks if people think their money isn't safe. The digital money that is borrowed into existence out of thin air can just as easily evaporate back into thin air as loans are defaulted upon and collateral loses its value.
In such an environment precious metal prices could actually decline. Keeping some extra cash might be a good idea. (Small denomination bills are better because many businesses will refuse to accept larger bills for small purchases (many already do this).

Insurance? Banks & credit unions would have you believe it is.

What is the definition of "insurance?"

Who controls & regulates insurance?

Who watches over FDIC?

Who watches over NCUSIF?

Who watches the watchers? Who Watches the Watchers (1989) - Trivia - IMDb
www.imdb.com/title/tt0708844/trivia
The title relates to, "Quis custodiet ipsos custodes," a Latin phrase from the Roman poet Juvenal, variously translated as "Who watches the watchmen" ...

Federal Deposit Insurance Corporation (FDIC)