credit union

[Connemmara]

My sister and I have got a quite substantial amount of money in our Credit Unions. However they are connected to the Bank of Ireland. Is our money safe or should we think about taking it out and keeping it in a fire-safe deposit box in the house and hiding it well in the house.

[Ethel]

Read this:
http://blog.moneysavingexpert.com/2009/01/27/a re-irish-banks-safe-including-the-post-office/

If everyone took money out of your credit union, there would be no union and no credit.
At the moment I'd be inclined to leave things as they are, with a view to persuading the union to move to a different bank

[Connemmara]

Thanks Ethel you seem to know everything. I dont think I would be in a very good position to tell Credit Union to change bank as all the Credit Unions in Northern Ireland well, most of them are affiliated to the Irish League of Credit Unions and they are all with Bank of Ireland.

[Ethel]

I don't know everything at all - but I do know where to look for reliable information.

Hope you feel a bit more reassured anyway. I certainly wouldn't worry about having my savings in the Bank of Ireland.

[ukfinanceguy]

Clearly, individual investors should have been asking whether their money was safe time and time again over the past year, rather than listening to the pundits on CNN. Many investors thought they had invested their money wisely and relied solely on the advice of their brokers. But now they�re emotionally distraught because they realize they were misled big time. I found many good answers about what is a safe investment like this on http://www.hedgefundFAQ.com