SITUATION: You don’t know if your bank or credit union is backed by federal insurance.
ACTION: Confirm that your bank is part of the Federal Deposit Insurance Corp. (FDIC) program or that your credit union is part of the National Credit Union Administration’s insurance fund (NCUA). You can check a recent statement or swing by the bank or credit union. If you see the FDIC or NCUA insurance logos displayed anywhere on a statement or front door, you are halfway home. Another option is to go to ww.myfdicinsurance.gov or www.ncua.gov and use the online tools to confirm that where you save is indeed backed by federal insurance.