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 Federal Deposit Insurance Corporation(FDIC) or the National Credit Union Administration(NCUA), pledged collateral or surety bond.

To verify that a potential depository is an FDIC-insured bank or savings association, visit the BankFind Suite and use the Search function.

Similarly, credit unions with federal deposit insurance can be identified on the NCUA website. To determine if a credit union has federal insurance, go to the NCUA website 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: 9/2/2022