??? Where to put my Cash ???

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Posted by Peter on July 18, 2008 at 11:10:49:

Hey guys,

I’m sure by now you guys have heard of IndyMac failing, and that a bunch of customers are upset..ok p1ssed.. because they can’t get to their funds.

So, I looked at my local Credit Union to see what type of insurance they had and to my surprise they are not FDIC or NCUA insured. They are ASI insured which is a large privately held insurance company that is not insured or guaranteed by any government or government sponsored agency.

Here’s a quote from their website.

After carefully considering the need for safety for our members' deposits, we selected American Share Insurance (ASI) to insure your deposits up to $250,000 per account, rather than the federal government's $100,000 maximum. This institution is not federally insured. ASI is not a government agency. Members' accounts are not insured or guaranteed by any government or government-sponsored agency.

Something to think about…
The NCUA and FDIC government site states that a person's funds will be mailed out in just a few days after bank or Credit Union failure. Would private insurance pay as fast?

And obviously, a private insurance company could declare bankruptcy at any time, no matter how strong, if a huge crises arises. (While the government could simply print more money. Yes, I know that would cause inflation.

So, my questions is Where should I put my cash? Please don't say underneathmy mattress. :)

Thanks.

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