Depositories – Federal Deposit Insurance
Government entities must designate their depositories as provided in Minn. Stat. § 118A.02.
All public funds on deposit must be protected by deposit insurance (provided by the FDIC or NCUA), pledged collateral or surety bond.
To verify that a potential depository is an FDIC-insured bank or savings association, go to https://research.fdic.gov/bankfind/ and use the Search function.
Similarly, credit unions with federal deposit insurance can be identified on the National Credit Union Administration (NCUA) website. To determine if a credit union has federal insurance, go to this NCUA website: https://www.mycreditunion.gov/about-credit-unions/credit-union-locator, and look up your credit union information using the credit union’s name, address or zip code.
Date this Avoiding Pitfall was most recently published: 5/10/2019