We are in the midst of a Major League Silent Bank Run on Bank Deposits as money flows to Money Market funds – more bank failures likely in 2024

Citizen Watch Report ^

[davikkm]

Many banks are kept afloat by borrowing from a special short term rescue fund at the Fed. To date over $ 100 billion has been borrowed to keep the banks solvent. The banks are sitting on a keg of financial dynamite with over $ 650 billion in unrealized losses on Treasury securities in addition to dealing with their silent bank run problem. The Banks are having a bunch of massive problems related to their lending business as well.

[IncPen]

I don’t mean to sound like a moron, but how does this affect credit unions? I have checking/savings/car loan through the credit union...

Are Credit Unions FDIC Insured?
https://www.forbes.com/advisor/banking/are-credit-unions-fdic-insured/

[wgmalabama]

My credit union is emailing me every week on credit lines (unused) that interest rates have been updated. However deposit rates are still at 0.45% for savings and 0.00% for savings. They might as well say we don’t need deposits.

[woweeitsme]

Thanks for the info...