Suze Orman corrects herself, says CUs are ‘safe’

Financial guru Suze Orman went on Oprah and the Today Show to brag about how bank customers who had their money in an FDIC-insured institution had nothing to fear.

Credit union members? Well, she didn’t say anything about them.

That got some credit union members nervous, and rightfully so. Is their money safe? Is there FDIC-like coverage for credit unions?

Thankfully Orman has corrected herself (on Oprah’s site, too). Part of the trouble stems from Orman’s endorsements of the FDIC. If you’re working for one group, why mention the other?

Correcting herself was the best thing Orman could do. We just hope it isn’t too late to ease the minds of members. The NCUA covers credit union deposits just like the FDIC covers bank deposits, and even though credit unions make up a smaller percentage of financial institutions than banks, there are millions of credit union members. Their needs are important, too, and they need to know their deposits are covered. Maybe we need our own celebrity?

1 Response to “Suze Orman corrects herself, says CUs are ‘safe’”

  1. 1 Denise Wymore September 30, 2008 at 8:48 pm

    I saw Suze on Larry King last night and man was she angry. Wagging her finger at the screen telling people to pull their money out of banks and credit unions if they were not insured. While I appreciate her passion, she is not doing us any favors lumping us in with the bank problems.

    Credit unions were not part of this problem – but we can be the solution.

    People helping people sounds a lot better than taxpayers bailing out banks.

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American 1 Federal Credit Union

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