The last two years have been anxious ones for the millions of Americans who depend on banks and credit unions to safeguard their hard-earned money. Dozens of banks all across the nation have failed, and it’s hard to know where to securely put our funds anymore. Putting our paychecks under our mattresses is not an option! So what do we do? Are banks still a safe choice? Would a credit union be better? Here are some things to consider.

Unless you choose a small local Massachusetts bank, most are run by huge nationwide financial organizations whose primary job is to make money for their investors and stock holders. All decisions are profit-driven. The reason so many banks failed during the latest recession is because their financial arms tanked. Since the FDIC only insures an account’s funds up to 100,000 dollars, many people who had more in their accounts at failed banks lost big.

Credit unions, on the other hand, are local entities that exist to serve a particular community or local group. Decisions are made locally and are in the best interest of members, not investors. Unlike a bank, a credit union is non-profit and is democratically-controlled by its own members. Funds are insured by the NCUA, not by the Federal Government (whose funds are extremely uncertain at present).

If you are worried about the security of your funds in these uncertain times, remember that - unlike a Massachusetts bank - your local credit union is not controlled by huge faceless financial entities, but by you: the member, and local people whose only concern is your financial success.

It’s something to think about.

Workers Credit Union is a Massachusetts bank that provides a full range of products for individuals and small businesses. They are one of the most outstanding and progressive financial institutions. (http://wcu.com)