Credit Unions Are Different; They Have 'Shares'

I like being a customer/member/owner of the institution where I borrow and stash my monetary fortune--what little I have, anyway.

Customers have money "on deposit" at the bank. I own "shares" at my credit union. Banks pay interest. Credit unions pay dividends.

Most deposits and shares are insured by the federal government, as explained in this story in thestreet.com.

Oooh, I feel so riiiich when I get dividends!

CNN: CU Deposit Insurance 'As Good or Better'

CNNMoney's Answer Guy fields a question about why credit unions are ommitted in his lineup of great CD rates. The query wonders if it has to do with deposit insurance.

On they contrary says Answer Guy...it's because of credit unions' exclusive membership requirements--not everyone can access the rates. He also adds:

In any case, insurance on credit union CDs and other deposits is as good as or better than what you'd get through the FDIC. And credit unions often beat your neighborhood bank on the rates they pay on deposits (or charge for loans).