2. Make sure an institution is insured
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.