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: Member deposits at Michigan state‑chartered credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration (NCUA).
• Coverage Limits: Deposits are insured up to $250,000.
• Additional Information: Michigan state chartered credit unions are required to maintain federal insurance of member share and deposit accounts and are covered by the National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration (NCUA), up to at least $250,000 per account ownership category. However, some state chartered credit unions outside of Michigan are privately insured instead, so it’s important to confirm that your credit union is NCUA insured.
   
  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.