You may not have given much thought to the financial security of your bank, but recent high-profile bank closures have brought this serious issue to light. So far in 2023, four banks have closed—Silicon Valley Bank, Signature Bank, First Republic Bank and Heartland Tri-State Bank—making more people concerned about how their money is protected.
You likely know that the Federal Deposit Insurance Corporation (FDIC) insures bank deposits, but what if you use a credit union? Don’t worry—your money is still insured by the National Credit Union Administration (NCUA), an independent federal agency regulating credit unions. And the best news is that FDIC and NCUA insurance protect your hard-earned cash the same way and up to the same limits.
