Credit Unions vs. Commercial Banks

" It we'll -- future commercial banks seems tenuous at best more and more people are looking for safer alternatives now credit unions. Generally offer more competitive rates than commercial banks. I think it tell us all about rules governing credit union is. Michael price fell chairman of the National Credit Union Administration mr. right now thank you so much for joining us this morning. Explain. How -- the rules governing credit union different from those covering banks and what exactly is at credit union."

" Thank you -- I appreciate being here this morning. Credit unions are member owned cooperatives not for profit and there are actually owned by the members who -- the deposits in them. Credit unions of course provide all types of services for their members everything from first mortgage loans to checking accounts and savings accounts. They're different from banks and a sense of their ownership they actually owned by the members who make deposits at these --"

" Okay so explain this to -- why is it that a credit union might be. Better a better source that commercial bank."

" But credit unions of course are insured by the national credit union share insurance fund. So members deposits are insured up to 250000. Dollars and backed by the full faith and credit of the government okay. And -- are able to allow but -- remember -- that they are able to allow their members better rates resident haven't paid dividends to shareholders."

" So eight working to this spring that work of this rescue plan that we're talking about. Go -- credit unions -- beneficiary I mean I think for most people at home they're trying to understand the difference and how that affects the UN may."

" Alexis we've made sure that credit unions were written into the relief that simply because. If the requirement was there that a credit union had to have access to their relief that. We wanted them to make sure that they were able to do so to correct or financial position. At this point in time we have no idea as to whether now Wheeling and have to tap into the relief act. We haven't been affected as banks have been in regards to the problems that they haven't heard relating to some of the financial loans that have been made and the investments okay Koreans have been relatively safe."

" saw Michael just explain to me if I wanted to get a loan from the credit union tell me what are some of the names of the some of the credit unions. Or some web sites that I might be able to find out more research about that."

" You can go to the NC UAU website and she -- dot gov elect is to find out the names of various radiance there are over 8000 credit unions in this country. Some are friendly -- some are state chartered but they're all the majority of them are currently insured. Also going to the website we'll give you those locations you can pick up the yellow pages elections and to be many of their them listed there as well."

" All right terrific Mike I learned a lot this morning thank you so much for joining us that's very you're very interesting point I'll check out the website are."