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Is My Money Safe?

Is My Money Safe?

Michigan State-Chartered Credit Unions

  • Regulatory Body: The Michigan Department of Insurance and Financial Services, Office of Credit Unions is responsible for regulating and examining Michigan’s state-chartered credit unions.
  • Federal Insurance Status:All Michigan’s state-chartered credit unions are federally-insured.
  • Insurance Administrator: The National Credit Union Share Insurance Fund, administered by the National Credit Union Administration (NCUA), an agency of the federal government, insures deposits of credit union members at state-chartered credit unions nationwide.
  • Coverage Limits: Deposits are insured up to $250,000.
  • Additional Information: For more information on how deposits are insured, visit the NCUA’s resource page.

Michigan State-Chartered Banks

  • Regulatory Body: The Michigan Department of Insurance and Financial Services, Office of Banking is responsible for regulating and examining Michigan’s state-chartered banks.
  • Federal Insurance Status: All Michigan’s state-chartered banks which accept deposits are federally-insured.
  • Insurance Administrator: FDIC deposit insurance protects bank customers in the event that an FDIC-insured depository institution fails.
  • Enrollment Process: Bank customers do not need to purchase deposit insurance; it is automatic for any deposit account opened at an FDIC-insured bank.
  • Coverage Limits: Deposits are insured up to at least $250,000 per depositor, per FDIC-insured bank, per ownership category.
  • Additional Information: Please contact the FDIC at www.fdic.gov for further assistance.