Government entities must designate their depositories as provided in Minn. Stat. § 118A.02. To verify that a potential depository is an FDIC-insured bank or savings association, go to http://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 find if a particular credit union has federal insurance, go to http://researchcu.ncua.gov/Views/FindCreditUnions.aspx and fill in the information for that credit union. Click "Find" to see information on the credit union, including the credit union's deposit insurance status.
Date this Avoiding Pitfall was most recently published: 01/30/2015