10 Tips for Finding a Bank With More Bang for Your Buck

2. Make sure an institution is insured

Mark Van Scyoc / Shutterstock.com
Mark Van Scyoc / Shutterstock.com

Before switching to a new credit union or bank, confirm that it is insured by the Federal Deposit Insurance Corp. (FDIC).

This independent federal government agency insures that if a member banking institution fails, each depositor gets money back. The amount you can insure is $250,000 per bank.

Use the FDIC’s “BankFind” tool to check whether institutions you are considering are FDIC members.

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