banking

5 common banking myths debunked

Money must be in a big bank to be safe
Your money must be in a big bank to be safe © Oleg Babich/Shutterstock.com

Money must be in a big bank to be safe

National banks insure customer deposits with insurance from the Federal Deposit Insurance Corp. While some community banks are FDIC-insured, others are backed by state insurance funds.

Credit unions have insurance through the National Credit Union Share Insurance Fund, a government-backed insurance fund for credit union deposits.

In the doorway of your credit union branch, look for a blue sticker, says Patrick Keefe, senior vice president of communications at the Credit Union National Association. The symbol will indicate the organization is insured.

To learn more about your bank's insurance and financial health, visit its website or ask at the local branch. Regardless of the bank size, you'll want to make sure your money is kept how it should be -- safe and sound.

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