Broke Banks and Credit Union Catastrophes (Infographic)
With the current economic recession, people have been worried about the stock market’s rise and fall. But perhaps another factor they should be even more worried about is failing banks and credit unions. According to the Bank Implode-O-Meter, 324 banks have “imploded” since early 2007. Already this year as of early July, 96 banks and credit unions have closed.
These banks and credit unions are all federally insured, which means most people were able to get their investment back depending on how much was insured. With more banks and credit unions closing everyday though, you might want to look at a breakdown of the statistics. Is it safer to bank with a credit union or bank?
Check out the infographic below to find out!