# Feds take over my Credit Union: what should I do? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [September 19, 2008, 1:40am UTC](https://boards.straightdope.com/t/feds-take-over-my-credit-union-what-should-i-do/464243 "2008-09-19T01:40:55Z")\ **Posts on this page:** 7\ **Page:** 1
**Author:** ![blondebear](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/blondebear/32/1022_2.png) [@blondebear](https://boards.straightdope.com/u/blondebear)\ **Post date:** [September 19, 2008, 1:40am UTC](https://boards.straightdope.com/t/feds-take-over-my-credit-union-what-should-i-do/464243/1 "2008-09-19T01:40:55Z")
I got a nice letter from my Credit Union today, notifying me of recent developments. The letter finished up with their reassurance: > [@](#): > > _XYZ Credit Union remains dedicated to meeting your financial services needs and protecting your deposits…our branches are open for business as usual."_ I don’t have a bunch of money on deposit; far, far less than the FDIC-insured amount. I don’t think I have anything to worry about…or do I? ---
**Author:** ![friedo](https://avatars.discourse-cdn.com/v4/letter/f/8edcca/32.png) [@friedo](https://boards.straightdope.com/u/friedo)\ **Post date:** [September 19, 2008, 2:13am UTC](https://boards.straightdope.com/t/feds-take-over-my-credit-union-what-should-i-do/464243/2 "2008-09-19T02:13:10Z")
The FDIC doesn’t insure credit union deposits. EVERYBODY PANIC! Actually, don’t panic. Almost all credit union deposits in the US are insured by the [NCUA](http://en.wikipedia.org/wiki/National_Credit_Union_Share_Insurance_Fund) under similar terms as the FDIC. ---
**Author:** ![blondebear](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/blondebear/32/1022_2.png) [@blondebear](https://boards.straightdope.com/u/blondebear)\ **Post date:** [September 19, 2008, 2:28am UTC](https://boards.straightdope.com/t/feds-take-over-my-credit-union-what-should-i-do/464243/3 "2008-09-19T02:28:23Z")
Yeah, NCUA. That’s what I meant 😉 Ten minutes after I started this thread, there was a segment on The News Hour–the pundits all saying there was _ **nothing** _(?) to worry about. Very soothing, since they’ve been _ **right** _(?) about the economy all along. ---
**Author:** ![Rand\_Rover](https://avatars.discourse-cdn.com/v4/letter/r/db5fbb/32.png) [@Rand\_Rover](https://boards.straightdope.com/u/Rand_Rover)\ **Post date:** [September 19, 2008, 2:51am UTC](https://boards.straightdope.com/t/feds-take-over-my-credit-union-what-should-i-do/464243/4 "2008-09-19T02:51:06Z")
I’m with the pundits on this one, for the most part. If you need to borrow a billion or so dollars to buy another company, then you’ve got problems. Otherwise, you’ll probably be OK. ---
**Author:** ![The\_Shroud](https://avatars.discourse-cdn.com/v4/letter/t/439d5e/32.png) [@The\_Shroud](https://boards.straightdope.com/u/The_Shroud)\ **Post date:** [September 19, 2008, 3:47am UTC](https://boards.straightdope.com/t/feds-take-over-my-credit-union-what-should-i-do/464243/5 "2008-09-19T03:47:01Z")
My question is similar, so I’ll tack it on to this thread. I bank at WaMu; I don’t have enough there to worry about losing it, but I’m wondering: if the bank is taken over, will there be some downtime when my direct debits won’t work and my rent check won’t be cashable? Thinking of switching over to Chase just to avoid any potential complication. ---
**Author:** ![whatami](https://avatars.discourse-cdn.com/v4/letter/w/85f322/32.png) [@whatami](https://boards.straightdope.com/u/whatami)\ **Post date:** [September 19, 2008, 3:50am UTC](https://boards.straightdope.com/t/feds-take-over-my-credit-union-what-should-i-do/464243/6 "2008-09-19T03:50:45Z")
> [@The\_Shroud](#): > > My question is similar, so I’ll tack it on to this thread. I bank at WaMu; I don’t have enough there to worry about losing it, but I’m wondering: if the bank is taken over, will there be some downtime when my direct debits won’t work and my rent check won’t be cashable? Thinking of switching over to Chase just to avoid any potential complication. Shouldn’t be any downtime at all. In all the other recent conservatorships, funds have been available via checks, and ATM cards and at branches during normal banking hours. (the slight exception was IndyMac when the lines were so long. That was just people panicking though). ---
**Author:** ![Mr.Moto](https://avatars.discourse-cdn.com/v4/letter/m/9de0a6/32.png) [@Mr.Moto](https://boards.straightdope.com/u/Mr.Moto)\ **Post date:** [September 19, 2008, 4:16am UTC](https://boards.straightdope.com/t/feds-take-over-my-credit-union-what-should-i-do/464243/7 "2008-09-19T04:16:44Z")
> [@whatami](#): > > Shouldn’t be any downtime at all. In all the other recent conservatorships, funds have been available via checks, and ATM cards and at branches during normal banking hours. (the slight exception was IndyMac when the lines were so long. That was just people panicking though). [QUOTE=George Bailey] You’re thinking of this place all wrong. As if I had the money back in a safe. The money’s not here. Your money’s in Joe’s house…right next to yours. And in the Kennedy house, and Mrs. Macklin’s house, and a hundred others. Why, you’re lending them the money to build, and then, they’re going to pay it back to you as best they can. Now what are you going to do? Foreclose on them? [/QUOTE] Hmmmmm.