What's wrong with that? Seriously, belittling someone because they don't know about something, so therefore they'd rather avoid it, doesn't seem right either.
I know about FDIC. I understand the rules. My bank has a great explainer on their website about the coverage. I don't know anything about NCUA and I don't care to learn, because I'm already protected at the bank that I'm at.
The rules are pretty much the same. A credit union is likely to have the same kind of explainer that tells you the same stuff, except there's magic words like 'share account' instead of 'savings account' and 'member' instead of 'account holder'. And credit unions have to have some 'affinity' requirement. Most credit unions these days just have a geographic requirement (live, work, or worship in a list of counties), but some require a connection to some company or organization, but for otherwise national credit unions, there's often a 'loophole' way to get affiliated; you can often make a trivial one-time donation to become a member of an affiliate supporting organization and then get into the credit union. There's a little bit of smoke and mirrors there, to support the creative fiction that credit unions aren't just banks, but they pretty much are. Just like banks, some are good and some are bad, some will fail in the near future, some won't, and deposits under the $250k threshold are explicitly insured. Updates to rules that affect banks usually lead to updates that affect credit unions, but it sometimes takes a little while longer.
You'll also get notices about board of supervisors elections, which you won't for a bank with stockholders, but might get for a mutual bank.
I really should move my savings to a commercial bank, where I can get 3.6%, but I haven't been inspired enough yet. Sure, the commercial bank may be making a profit, but they're giving their depositors more, and that's really what I'm looking for in a banking relationship.
This is what I was responding to:
> I could not tell you whether it's more or less vulnerable to market instability or bank runs than a larger bank.
There was no 'confidence'. What I said was true, it isn't FDIC insured. Geez, I'm not trying to "scare" anyone, you're making that shit up.
Now, if I'm _ignorant_ to the other ways it is insured, great, educate me, but don't be a dick about it.
Why use this sort of language?
> What I said was true, it isn't FDIC insured.
But it is a banal truth, because they are simply insured by a different agency.
> I don't know anything about NCUA and I don't care to learn
So you were motivated by apathy and content in ignorance, rather than trying to scare people, with your language. Still a bad choice because it shows that you're not seriously trying to engage in a discussion and learn about a subject.
When someone tried to educate you, you responded with:
"Functionally it is declared the same in all the googling that I've done, but in practice, are they? I don't know, and personally, I don't really want to find out."
Do you see how maybe that's a bit FUD?
I appreciate the irony of coming across wrong in an attempt to tell you how you came across wrong. :)
