Financial Wellness Minute: Is My Money Safe?

Today, we are talking about your money being safe. I'm Jackie Formo, manager at Mid Minnesota Federal Credit Union's Fergus Falls Office. Given the recent bank failures, it has many people wondering "is my money safe"? Credit Unions are insured by the National Credit Union Administration, the NCUA, just as bank deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, up to $250,000 per individual. If you have more than $250,000 at a bank or credit union, talk with them to take advantage of additional coverage. For example, if an account is joint with someone else, has beneficiaries listed or is an IRA retirement account, it can qualify for more coverage. So, ask questions to make sure you understand and trust that your hard-earned money is in safe keeping. Being confident that it is in a safe place is important. Want to know more about how your money is protected or have a weekly financial wellness tip sent to you? Sign up below or, contact your local Mid Minnesota Federal Credit Union Office. Sign Up for a Weekly Financial Wellness Tip   Mid Minnesota Federal Credit Union is federally insured by the NCUA and we are an equal housing lender.