Nevada Federal Credit Union has too much money and does not know what to do with it. Worse yet, sitting in cash is costing the credit union money. Insurance premiums are the culprit. On top of any deposit premium paid to customers, insurance runs .4%. Yet short term treasuries yield .25%. Nevada Federal sees no good lending opportunities so it is paying customers to close accounts. Inquiring minds are reading Credit union: Pul-lease take your money. Nevada Federal Credit Union has a …

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Credit Union Pays Savers to Close Their Accounts; Deposit Insurance Makes Saving Accounts a Losing Proposition for Banks