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Pocono News Section
Financial Crisis Has Credit Unions Busier
Financial Crisis Has Credit Unions Busier - Friday, September 26, 2008 at 5:05PM EST
Reported by: Laurie Monteforte
Friday, Sep 26, 2008 @ 05:05pm EST
STROUDSBURG, MONROE COUNTY- As talks of a federal bailout continue, many people are deciding to put their money somewhere small.
Community banks and credit unions like the NEPA Credit Union in Stroud Township say more people are showing interest in its business.
They say smaller financial institutions are safer than the bigger banks. Jere Hoover of Stroudsburg said, "It's more sound and you don't see them putting money out like the other banks and stuff like that."
Mark Filbert of the NEPA Community Federal Credit Union said, "A lot of times credit unions are perceived to be a safe haven where people put their money in times of difficulty."
Credit union accounts, like bank accounts are insured for up to $100,000. Managers say it's important not to overreact to what's happening on Wall Street.
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