Is the Money in My Account Safe?
Your financial institution is one of the safest places to store your hard-earned cash. The best part? All you have to do is open an account.
There are two organizations, both backed by the United States government, that insure your money at participating institutions. The FDIC (Federal Deposit Insurance Corporation) provides coverage for banks and the NCUA (National Credit Union Administration) does the same for credit unions. These organizations both function as safety nets for your deposits.